Abhishek Manu Singhvi ridiculed Cyrus Mistry's statement to the board that his removal was illegal.
New Delhi:
Cyrus Mistry's removal was based on a combination of "economic, moral, propriety" factors, said Ratan Tata's lawyer, Abhishek Manu Singhvi, to NDTV after he spent two hours with his client, who has controversially returned as the Chairman of the Tata Group.
Mr Mistry, 48, has no plans "at this stage" to challenge his removal, his office said; a five-page email sent by him to the board of India's largest conglomerate accuses Mr Tata, who both preceded and succeeded him, of continuing interference.
Mr Singhvi ridiculed Mr Mistry's statement to the board that his removal was illegal. "Does Mr Mistry think the entire eminent board insane? They all lost confidence in him," said Mr Singhvi. Of the board's nine members, six voted to remove Mr Mistry; two abstained; he did not get a vote.
Mr Mistry's office yesterday told NDTV that allegations of a conflict of interest are invalid because after taking over as Tata chairman in late 2012, he ordered that Tata firms stop awarding contracts to his family empire, Shapoorji Pallonji group, which is one of the biggest stakeholders in Tata Sons.
Mr Mistry, 48, in a five-page email sent the day after his ouster, tells the board that he was reduced to a "a lame duck Chairman" and that after being assured of autonomy when he accepted the job, the rules were changed, contravening the understanding that "the previous chairman was to step back."
Refuting those allegations, Mr Tata's counsel told NDTV that the 78-year-old patriarch of the group is " not a master puppeteer" and though he was entitled to attend board meetings, he rarely did to allow his successor considerable operating space.
Mr Mistry, 48, has no plans "at this stage" to challenge his removal, his office said; a five-page email sent by him to the board of India's largest conglomerate accuses Mr Tata, who both preceded and succeeded him, of continuing interference.
Mr Singhvi ridiculed Mr Mistry's statement to the board that his removal was illegal. "Does Mr Mistry think the entire eminent board insane? They all lost confidence in him," said Mr Singhvi. Of the board's nine members, six voted to remove Mr Mistry; two abstained; he did not get a vote.
Mr Mistry's office yesterday told NDTV that allegations of a conflict of interest are invalid because after taking over as Tata chairman in late 2012, he ordered that Tata firms stop awarding contracts to his family empire, Shapoorji Pallonji group, which is one of the biggest stakeholders in Tata Sons.
Mr Mistry, 48, in a five-page email sent the day after his ouster, tells the board that he was reduced to a "a lame duck Chairman" and that after being assured of autonomy when he accepted the job, the rules were changed, contravening the understanding that "the previous chairman was to step back."
Refuting those allegations, Mr Tata's counsel told NDTV that the 78-year-old patriarch of the group is " not a master puppeteer" and though he was entitled to attend board meetings, he rarely did to allow his successor considerable operating space.
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