Two days after Ratan Tata replaced Cyrus Mistry as the interim chairman of Tata Sons’, the later hit back at with an e-mail addressed to the board members, expressing shock at the “manner of his removal”.
News reports quoted Mistry’s e-mail where he said, “The board has not covered itself with glory.” He also said, "the board never gave me a chance to defend myself."
Mistry was seen entering the Bombay House earlier today.
News reports had earlier quoted Mistry calling his removal ‘illegal’. He had demanded that he be given 15-day notice period to make a case for himself, in accordance with the Tata rule book.
In a move that shocked the corporate world, the removal sparked speculations that the most iconic business conglomerate in India might be getting ready for a messy legal battle.
On Tuesday, Tata Sons preempted any move from Mistry, and the Shapoorji Pallonji Group, to surprise it through the courts by filing separate caveats with the Supreme Court, Delhi High Court and the National Company Law Tribunal.
The company has already removed any reference to Mistry from its official website.
Ratan Tata is learnt to have written to the Prime Minister apprising him of the situation. Reports also say that Mistry has sought an appointment with the PM. Salve stated that if the situation deteriorates, then “brand Tata will undoubtedly be damaged.”
Read the full text of Cyrus Mistry's email here.