Cyrus received full ownership rights: Tata Sons

Every day a fresh angle is added to the story that began with the removal of Cyrus Mistry as chairman of Tata Sons and the publication of his email containing allegations against Ratan Tata.

On Thursday Tata Sons released a statement in response to Cyrus Mistry’s accusations.

According to the report, Cyrus was given full control over the Tata Group firms in his capacity as executive chairman.

Additionally, it was said that the chairman of Tata Sons receives complete authority from the board to manage opportunities and difficulties.

Cyrus Mistry complained to the board in a five-page email that his work was frequently interrupted, leaving him to serve as the Lame Duck’s (specifically) chairman.

Tata Sons stated in a statement that it is sad that claims regarding the truth of all business decisions were only made after his removal. The choices that the former president, who played a variety of roles throughout the previous ten years, was personally involved in were also discussed.

“Allegations are now being made against the people and the board of ignoring the rules of corporate governance whose choices were purportedly made while the former Chairman was in office,” Tata Sons said in a statement (Cyrus)…. It was discovered that the former chairman (Cyrus) did not work in harmony with the group’s culture and working style during his term.

Tata Sons has added that Mistry’s loss of the board members’ trust is regrettable for a number of reasons.

The board stated in its statement that the loyalty and collaboration of the group’s more than 6 lakh employees are just as important as the ideals and ethics of the board room in determining the strength of the Tata Group.

Tata Sons claimed that Mistry had attempted to harm the group’s reputation in the eyes of the workforce, which was unforgivable.

Cyrus Mistry complained to the board in a five-page email that his work was frequently interrupted, undermining his authority as chairman.