Mumbai, Dec 5: Tata Sons ousted Chairman Cyrus Mistry on Monday said the ‘Tata Group is no one’s personal fiefdom’.
Mistry’s letter, addressed to the stakeholders, comes ahead of the extra-ordinary general meetings (EGMs) that have been called by several Tata Group companies to remove him from their respective boards.
“The Tata Group is no one’s personal fiefdom: it does not belong to any individual, not to the trustees of Tata Trusts, not to the Tata Sons directors, and not to the directors of the operating companies,” Mistry said in the letter.
“It belongs to all the stakeholders, including every one of you. I, therefore, urge all you to think beyond the here and now. I urge you to have your voice heard loud and clear. I ask you to be part of defining the future.”
The 14-page letter — “Representation under section 169 of the companies Act, 2013. In respect of special notice for removal of Cyrus P. Mistry as Director” — also called upon the government to ensure that Tata Trusts function under the law.
Tata Trusts hold 66 per cent stake in the holding company of the industrial conglomerate Tata Sons.
“At the heart of the sustainability of the Tata Group is governance reform, throughout the institution. This would mean the government ensuring the working of the Tata Trusts, which are public charitable trusts, the property of the people of India, have a defined, transparent governance structure,” the letter pointed out.
“People who have been complicit or have enabled ethical and legal transgressions or have demonstrated a blatant disregard for good governance should not be allowed to continue.”
“The governance charter across the Tata Group, including the holding and operating companies, requires repair to conform to company law and global best practices viz. protection of interests of all stakeholders, including minority shareholder.”