Tata Sons Interim Chairman Ratan Tata on Friday said that there has been a wilful and well-orchestrated endeavour to destroy the reputation of the Tata Group through unsubstantiated allegations.
“The past three months have been turbulent and wasteful. There has been a wilful, well-orchestrated endeavour to destroy the personal reputations of individuals, and the reputation of the Tata Group, through unsubstantiated allegations,” Tata said in a letter addressed to the Group’s employees.
“The ethics and values of the group and its leadership, which have been built over the last one and a half a centuries, have been challenged by people who are known not to practice what they often preach. I feel proud that through this difficult period there has been an overwhelming groundswell of support from so many of you.”
The letter comes a day after the holding company of Tata Group had demanded the return of all confidential documents related to its group companies from its ousted Chairman Cyrus Mistry. This was the second such notice served to Mistry this week.
On Monday, Tata Sons served the first legal notice to Mistry, alleging breach of confidentiality and passing on sensitive information to his family-controlled companies.
On the other hand, Mistry’s family-controlled companies Cyrus Investment Private Limited and Sterling Investment Private Limited have filed petitions against Tata Sons before the National Company Law Tribunal (NCLT) (Mumbai).
“As we approach the new year, we must all resolve to put these events of the past few months behind us and re-dedicate ourselves to re-establish the Tata Group’s leadership in the many areas in which we operate, as also demonstrating to the world around us that we indeed have protected the vision and values of our founding fathers,”
“The Tata Group has, over the years, not just been a business conglomerate – it has been an institution built on sustaining livelihood in the community it serves through the creation of wealth and its re-distribution to the nations’s people through social awareness and philanthropy.”
Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, whereas Mistry’s family holds over 18 per cent interest.
The development comes more than a week after Mistry stepped down from the positions held by him in Tata Group companies.
Tata Sons’ board ousted Mistry on October 24 and appointed Ratan Tata as interim Chairman.