Cyrus Mistry now remains the Chairman of the Tata Group units and will be resuming his position at the company. Earlier, Tata himself had taken over as the Interim Chairman until a new Chairman was appointed.
He remains the Chairman and the Non-Executive Director at the Tata Motors Ltd., Tata Power Ltd., Indian Hotels Co. and the owner of Land Rover and Jaguar. Since the Tata group doesn’t own majority shares in these companies, it is difficult for it to affect the decision of ousting Mistry from the Group Units.
No official statement has been received from Cyrus Mistry. However, earlier in a leaked e-mail written by Cyrus Mistry to the BOD, he said that he was shocked beyond words on the decision of his eviction. He had also made several allegations on the Tata group in the e-mail.
Ratan Tata and not Cyrus Mistry to be blamed for the European Operations Failure?
Ever since he was taken down from the post of Chairman, the Tata group suffered huge losses owing to a decline in market value $3.5 billion.
The decision to disinvest in Europe was taken by the entire Tata Steel Board and no one should hold Mistry alone responsible for the decision. Dozens and dozens of meetings of the board took place, including with British labour unions and British ministers, who came to Mumbai….Was it Cyrus’s decision (to acquire Corus)? Corus was a problem that Mistry inherited and he was just trying to clean it up. And, in the process of doing so, quite miraculously, he found Thyssenkrupp. If the merger with Thyssen goes through, then Tata Steel will be rid of Tata Europe and that will save Tata Steel.
-Director (who didn’t want his name to be revealed in media)
In an official statement by the Tata Group, the reason behind Mistry’s ousting was said to be his ill performance as a Chairman, referring to European operations.
