Tatas say Cyrus Mistry betrayed trust

Launching a scathing attack on ousted chairperson Cyrus Mistry, Tata Sons on Thursday accused him of betraying their trust and trying to seek control of main operating firms of the over $100 billion group.

In a statement, the promoter of the major operating Tata companies made a point-by-point rebuttal of the letter which Mr Mistry had written to its board after he was ousted on October 24. Tata Sons accused Mr Mistry of trying to gain control of the Indian Hotels Co. Ltd. by using independent directors. “In hindsight, the trust reposed by Tata Sons in Mr Mistry by appointing him... has been betrayed by his desire to seek to control main operating companies of the Tata group to the exclusion of Tata Sons and other Tata representatives,” Tatas said.