ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Start ups
    • Funding
    • Appointments
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Only 5-minute warning given before sacking me, Mistry says

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Only 5-minute warning given before sacking me, Mistry says
Former ousted Tata group chairman, Cyrus Mistry, at the inauguration of the Make In India Centre during the `Make in India.` Image Source: IANS

Remembering the ‘unprecedented’ events that occurred on October 24, a statement from Cyrus Mistry’s office said that he was given just a five minute warning before he was shown the door.

“Five minutes before the Board Meeting scheduled on October 24, 2016, Mr. Nitin Nohria and Mr. Tata came to Mr. Mistry's room and told him that on that very morning, the trustees had taken a decision to replace Mr. Mistry ostensibly because Mr. Tata could not get along with him,” the statement read.

Further stressing on the conundrum that awaited him, the statement read, “The fait accompli presented to Mr. Mistry was that he could leave or face a sacking at the Board Meeting scheduled in the next 5 minutes.”

Ratan Tata had on Wednesday written to the shareholders of the Tata companies stating that the group had given Mistry a chance to voluntarily step down.

“Since Mr. Mistry was appointed as a Director of various Tata Group companies only as a corollary to his being the Chairman of Tata Sons, the right step would have been for him to resign as Director. Unfortunately, he has not yet done so, and his continued presence as a Director is a serious disruptive influence on these Company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons," Tata said.

To this Mistry retaliated saying that the statements made by him were ranging from 'misrepresentation and convenient mischaracterisation.'

“First, it is evident that seven weeks after the unprecedented conduct on October 24, 2016, severely damaging the century-plus Tata legacy, Mr. Ratan Tata has completely failed to offer a single reason for his inexplicable actions,” the report said.

Adding to that, it said, “Second, Mr. Ratan Tata does not speak the truth.  His claim that Mr. Mistry's treatment at Tata Sons Board on that day was well-deliberated and was preceded by various attempts to discuss with Mr. Mistry is a lie.”

Mistry’s office also pointed out that a few weeks before he was ousted, the Board had accepted the Nomination and Remuneration Committee's endorsement of his performance. 

“At the meeting, every legal procedure was thrown to the wind and the blemish-less history of Tata Sons' was destroyed.  Neither was there any deliberation nor was there any prior attempt at remediation as Mr. Ratan Tata now seeks to make out,” the statement from Mistry’s office said.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Cyrus MistryRatan TataTata GroupTata SonsTata vs MistryCyrus Mistry Fired
Written By: ZeeBiz WebTeam
Updated: Thu, Dec 08, 2016
10:25 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Cyrus Mistry cremated in Mumbai; Ratan Tata's stepmother attends funeral Cyrus Mistry cremated in Mumbai; Ratan Tata's stepmother attends funeral
Cyrus Mistry Death: This could have saved former Tata Sons chairman in car accident Cyrus Mistry Death: This could have saved former Tata Sons chairman in car accident
Cyrus Mistry Death Reason: Know Mercedes car accident cause, what preliminary probe found - All details here Cyrus Mistry Death Reason: Know Mercedes car accident cause, what preliminary probe found - All details here
Cyrus Mistry death news: Who were other passengers in ill-fated car? Cyrus Mistry death news: Who were other passengers in ill-fated car?
Cyrus Mistry: A reclusive scion who fought for honour after being fired by Tatas Cyrus Mistry: A reclusive scion who fought for honour after being fired by Tatas

LATEST NEWS

Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis

Pathaan box office collection: SRK starrer creates history, becomes highest gross opening weekend movie

Maruti faces semiconductor shortage, witnesses impact on production – here’s what company mulling as alternative

Google Doodle celebrates Bubble Tea - check history, experiment, other details of this tea

Tech Mahindra Q3 Results Preview: Net profit likely at Rs 1,300 crore with 50 bps rise in margin

BPCL Q3 Results Preview: State-run oil marketing firm to report profit in December quarter on easing crude oil prices

Traders Guide: 10 things to know before market opens on Monday, January 30 – stocks in news, Q3 results and more

NTPC Dividend 2023: State-owned power generation company to pay Rs 4.25 dividend; check record and payment date

OPPO Reno8 T 5G: Check expected price in India, launch date, specifications and other details

Weather Update: Mild showers expected in Delhi NCR, UP; cold wave abates Punjab, Haryana

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV