Allegations are unsubstantiated, half-truth: Mistry on Tata's letter bomb

November 10, 2016 17:35

Ousted Tata Sons Chairman Cyrus Mistry's camp today termed as "unsubstantiated claims and half truths" a series of allegations by the company, which stated that he betrayed trust and tried to seek control of main

operating firms of the over $100 billion group.

Responding to a statement by Tata Sons, sources close to Mistry said after 17 days of silence on his "unjustified and unexplained removal", there was still no "word of explanation as to why it became necessary to remove him summarily violating natural justice and without explanation".

The statement, they said, "has not much but selective data, unsubstantiated claims and half truths".

On claims that Mistry had an 'ulterior motive' of taking control of companies, a source said: "Giving the example of Indian Hotels only because independent directors -- one of whom is also a director of Tata Trust -- demonstrated true independence, is not in keeping with Tata governance standards."

The sources also said removing TCS from data in assessing Mistry's performance stating he does not really contribute materially to the company and to blame him for all problems inherited by him such as Tata Motor's passenger vehicle business in India is "inherently fallacious to any unbiased observer".

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