This is the first time since removing Mistry on 24 October that Tata Sons has elaborated on the ostensible reasons for his ouster. Photo: Hemant Mishra/MintMumbai: Tata Sons Ltd on Thursday accused ousted chairman Cyrus Mistry of betraying the trust it had reposed in him and seeking to control the main operating companies of the Tata group “to the exclusion of Tata Sons and other Tata representatives.”“It is unfortunate that Tata Sons, acting in good faith, did not anticipate such devious moves by Mr. Mistry and thereby did not inform the other directors of the operating companies about its dissatisfaction with Mr. Mistry at the level of Tata Sons. This is the first time since removing Mistry on 24 October that Tata Sons has elaborated on the ostensible reasons for his ouster. Tata Sons also blamed Mistry for the steep decline in market share of Tata Motors Ltd in both passenger vehicles and commercial vehicles business over the past three years. “In passenger cars, in the year ended March 2013, the market share was 13% which now stands at 5%!

Source: Mint November 10, 2016 08:45 UTC