Response to Tata Sons Statement

A statement has been issued by Tata Sons, speaking up for the abuse of control by trustees of Tata Trusts. The statement is vague in detail but seeks to "dismiss charges" contained in Mr. Mistry's representation to various Tata Group companies. The statement is neither sound nor sheds any light.

Far from Mr. Mistry taking over control over all Tata Group activity, it is a matter of record that the Governance Guidelines developed under him in consultation with the Board of Directors of Tata Sons, and CEOs and independent directors of various Tata Group operating companies, subjected Mr. Mistry himself to an unprecedented scrutiny of nearly 50 individuals who appraised his Corporate performance. This approach empowered Boards of Directors - both at Tata Sons and the Tata Group operating companies. It created an effective check and balance against any individual becoming larger than life. So there was no question of anything remotely like what is sought to be alleged.

Mr. Mistry's fight today is to protect the Tata Group from capricious decision-making by the Interim Chairman. The statement itself records that Mr. Mistry's family holds over 18% interest in Tata Sons. If he were to indeed seek to make Tata Group companies break away from Tata Sons, he would have been hurting his own family's financial interests. It is in fact these individuals prone to impulsive control who have inflicted severe damage and enormous financial loss to all stakeholders of the Tata Group, including shareholders. They have also exposed the Tata Group to perilous violation of regulatory requirements, seeking to procure unpublished price sensitive information from listed Tata Group companies, breaking down governance.

This has the potential to hurt Shareholders values and it's a sorry allegation to attempt to throw back.

Never before has the Tata Group including the philanthropic objectives of the Tata Trusts been in jeopardy to this extent and scale. How hollow the statement is, is evident from the lack of merit in its contents.

Office of Cyrus P. Mistry
December 6, 2016


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