Cyrus Mistry was sacked as the Chairman of Tata Group on Monday. Two days later, He accused Tata Group Management of wrongfully dismissing him. He claims to be in a state of shock after being served pink slip without even giving him an opportunity to defend himself.
In his email sent to the Board of Directors, Cyrus Mistry told he has inherited only a five unprofitable and debt-laden businesses (Indian Hotels Co., Tata Motors Ltd, Tata Steel Ltd, Tata Tele Communications & Tata Power). He informs the situation hasn't improved even after investing Rs 1.96 trillion in these businesses and amount to the tune of Rs 1.18 trillion ($18 billion) have been written down over a period of time.
Mr. Mystry alleged constant interference of Ratan Tata pushed him to the stage of being a 'lame duck' chairman. He told Tata Nano incurred huge losses to the company and it should have been shut down immediately but the decision got delayed due to emotional reasons.
In his email sent to the Board of Directors, Cyrus Mistry told he has inherited only a five unprofitable and debt-laden businesses (Indian Hotels Co., Tata Motors Ltd, Tata Steel Ltd, Tata Tele Communications & Tata Power). He informs the situation hasn't improved even after investing Rs 1.96 trillion in these businesses and amount to the tune of Rs 1.18 trillion ($18 billion) have been written down over a period of time.
Mr. Mystry alleged constant interference of Ratan Tata pushed him to the stage of being a 'lame duck' chairman. He told Tata Nano incurred huge losses to the company and it should have been shut down immediately but the decision got delayed due to emotional reasons.