TATA 2 LAST

\ Tata Sons described Mistry\\’s letter as an effort to level Tata Sons described Mistry\\’s letter as an effort to level\accusations against individuals and company boards for\\\"ignoring corporate governance norms\\" that were supposedly\upheld by him while in office. It further asserted that there\was a multitude of records to show that the allegations made\by him were \\"unwarranted\\".\ \\"And these records will be duly disclosed before\appropriate forums, if and when necessary, sufficiently\justifying the decision made by responsible Boards of\Directors, of Tata Sons and its group companies,\\" the\statement added.\ Giving an account on why Mistry was replaced, the company\said: \\"The Directors of the Tata Sons board had repeatedly\raised queries and concerns on certain business issues, and\Trustees of the Tata Trusts were increasingly getting\concerned with the growing trust deficit with Mr. Mistry, but\these were not being addressed.\\"\ The Tata Sons board, in its collective wisdom, took the\decision to replace its Chairman in the manner undertaken, it\added.\ Defending the decision of the board, the company said its\directors were several eminent personalities from all walks of\life.\ \\"This is not a group of people who one would expect to\act without exercising proper judgement in the best interests\of the entities they sit on the boards of,\\" it said.\ On the issue of the group\\’s debt burden that Mistry had\highlighted, Tata Sons said its board members have in the past\stressed on the need to be more decisively focused on bringing\down debt, sharpening focus on both the portfolio and capital\efficiency.\ Refusing to be drawn into a point by point clarification\of Mistry\\’s letter, the company said: \\"It will be beneath the\dignity of Tata Sons to engage in a public spat with regard to\the several unfounded allegations appearing in his leaked\confidential statement.\ \\"These allegations are not based on facts or the true\state of affairs. It is convenient to put selective\information in the public domain to defend one\\’s point of\view…The Tata way is to not run away from problems, or\constantly complain about them, but firmly deal with them and\build a better tomorrow.\\"\ Tata Sons further said the strength of the group was not\just confined to its value system and ethics in the Board room\but to a very large extent by the adherence to the values by\its 6 lakh plus employees \\"whose spirit and cooperation has\built the group to where it is today\\".\ It said interim chairman Ratan Tata in his first\interaction with senior leaders has stressed on the need to\continue focusing on building great businesses while\emphasising on delivering strong shareholder returns. PTI AKT\RKL\MKJ\