Board's move unparalleled in corporate history, says 'shocked' Cyrus Mistry

A day after his dismissal as the chairman of Tata Sons, Cyrus Mistry has termed the Board of Directors' move "unparalleled in the annals of corporate history".

In an email to board members and to the trusts, Mistry said the decision had left him "shocked beyond words". He also described the board proceedings as illegal and invalid.

This was Mistry's first official reaction after being removed as the Chairman of Tata Sons on Monday.

"I have to say that the board of directors has not covered itself with glory. To replace your chairman without so much as a word of explanation and without affording him an opportunity to defend himself...must be unique in the annals of corporate history," Mistry wrote in the email.

Nearly four years after taking over as head of the 140-year-old conglomerate, Cyrus P Mistry was replaced by the Board of Tata Sons, without any reasons being assigned. He also alleged that he had not been allowed freedom of action to manage the affairs of the group.

"The sudden action and lack of explanation has led to all manner of speculation and has done my and the group's reputation immeasurable harm," Mistry stated.

Mistry also criticised the Directors for not discharging their duty to stakeholders of Tata Sons. He said: "The letter is to emphasise the total lack of corporate governance and a failure of the directors to discharge their fiduciary duty to stakeholders of Tata Sons and the group companies."