Cyrus Mistry, who was abruptly removed as Chairman of the Tata Group on Monday, has emailed board members to say he is “shocked” by how he was ousted in a process that including depriving him of “a chance to defend myself.”
In the five-page email sent a day after he was sacked, Mr Mistry accused Ratan Tata, who is both his predecessor and his replacement, of “inappropriate intervention” that reduced him to a “lame duck chairman.”
Mr. Mistry, 48, warns the board of the $103 billion group that it faces a potential drop in value of nearly $18 billion due to investments in unprofitable businesses. The debts of the Tata Group currently run close to $30 billion.
In late 2012, Mr Mistry became the first outsider from the founding family to head India’s largest conglomerate. He has been replaced by Mr Tata, 78, for four months while a permanent new chief is identified.