Mumbai: Cyrus Mistry who was ousted as Tata Sons chairman in October at a hurriedly called board meet, on Monday heavily criticised the “high command” that according to him alone takes a call on each and every decision making in the salt-to-software conglomerate.
He was referring to Tata Group patriarch Ratan Tata who was appointed interim chairman of Tata Sons after the former was removed from the 'corner job' at the iconic Bombay House unceremoniously.
Mistry said that it is unethical that one man enjoyed all decision-making at the $103 billion tea-to-chemicals empire. He went on to say that Tata Group is no one’s personal fiefdom. “It does not belong to any individual, not trustees of the Tata Trusts,” he said.
“Conferment of all decision making in one man or a ‘high command’ is unethical, improper and breach of trust,” Mistry said who went on to exhort shareholders to speak out to become part of a "defining future".
Mistry who still is on boards of important group firms asked government to intervene in the matter.
He is of the view that governance reform is a must at Tata Sons, specially at Tata Trusts. "It would be an inherent obligation for the govt to intervene to remedy and repair breakdown of governance (at Tata Group)," he told the shareholders.
