Response to Mr. Ratan N Tata's letter to shareholders

Mr. Ratan Tata's letter today to shareholders of Tata Companies is a combination of statements ranging from misrepresentation and convenient mischaracterisation.

First, it is evident that seven weeks after the unprecedented conduct on October 24, 2016, severely damaging the century-plus Tata legacy, Mr. Ratan Tata has completely failed to offer a single reason for his inexplicable actions.

Second, Mr. Ratan Tata does not speak the truth. His claim that Mr. Mistry's treatment at Tata Sons Board on that day was well-deliberated and was preceded by various attempts to discuss with Mr. Mistry is a lie. Five minutes before the Board Meeting scheduled on October 24, 2016, Mr. Nitin Nohria and Mr. Tata came to Mr. Mistry's room and told him that on that very morning, the trustees had taken a decision to replace Mr. Mistry ostensibly because Mr. Tata could not get along with him. The fait accompli presented to Mr. Mistry was that he could leave or face a sacking at the Board Meeting scheduled in the next 5 minutes. At the meeting, every legal procedure was thrown to the wind and the blemish-less history of Tata Sons' was destroyed. Neither was there any deliberation nor was there any prior attempt at remediation as Mr. Ratan Tata now seeks to make out. Mr. Ratan Tata's false statements are borne out by the fact that just weeks before this event, the Board had accepted the Nomination and Remuneration Committee's endorsement of superlative performance by Mr. Mistry and his team.

It is evident that Mr. Mistry's professional conduct in the Chairman's Office did not suit the requirements of Mr. Ratan Tata.

Office of Cyrus P. Mistry
7 December 2016


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