Mumbai, December 24: Recently appointed Tata Sons interim Chairman Ratan Tata feels that he is a lonely man nowadays and feels pain over attacks and allegations made on him in the newspaper. Rata Tata believes that there has been a definite move to damage his personal reputation along with the reputation of the Tata Group.
For last two months, the boardroom battle and the legal battle between Tata Group and its ousted Chairman Cyrus Mistry has gone so far that a series of allegation has been levelled by both the sides.
On Friday at the Emergency General Meeting at the Tata Chemicals followed familiar script played out at other companies’ EGMs earlier this week until Tata Sons Interim Chairman Rata Tata chose to speak for the first time two months after Cyrus Mistry’s removal on October 24.
In his opening remarks to shareholders Ratan Tata said, “Over the last two months, there has been a definite move to damage my personal reputation and the reputation of this great group — the Tata group. And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful”.
Since the controversy between Cyrus and Tata became public several shareholders at the previous four EGMs of Tata Group companies had requested Tata to address shareholders, and after fifth EGM Ratan Tata chose to speak.
“Coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth and the support and the affection that they have shown. I could not leave here today without at least expressing my deepest gratitude to the shareholders. It has been a pleasure to be with you,” Ratan Tata reportedly told shareholders.
Tata Sons had requisitioned EGMs to remove Cyrus Mistry and Nusli Wadia from the boards of Tata Motors, Tata Steel and Tata Chemicals. EGMs of TCS and Indian Hotels were held to oust Cyrus Mistry as director.
On December 19, Cyrus Mistry resigned from all the listed Tata Group companies as a director.
Ratan Tata in his short address, which lasted for about a minute thanked shareholders for their support. Ratan Tata said that the Tata Group has been there for 150 years, which is based on governance and fair play. He said, “The truth will prevail whatever the process may be and however, painful it may be”.
Ratan Tata’s concluding remarks wishing shareholders a Happy New Year was met with a standing ovation and applause from the board of directors and the top management of Tata Chemicals present on the dais.