Tata Sons denies Cyrus Mistry's allegations, says board gives its Chairman complete autonomy

Tata Sons on Thursday issued a statement and denied allegations levelled by ousted chairman Cyrus Mistry in his letter written to the company on Wednesday.

Earlier on Wednesday, a day after his unceremonious sacking, Mistry had taked about a series of allegations against Tata Sons, contending that he was even pushed into a position of 'lame duck chairman'.

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Here is the highlights of the statement issued by Tata Sons on Thursday-

# These allegations (levelled by Cyrus Mistry) are not based on facts or the true state of affairs.

# There is a multitude of records to show that the allegations made by Cyrus Mistry are unwarranted.

# The Tata Sons board gives its Chairman complete autonomy to manage opportunities and challenges.

# Unfortunate that Mistry had overwhelmingly lost confidence of Members of Board of Directors for a combination of several factors.

# The Tata Sons board, in its collective wisdom, took the decision to replace its Chairman in the manner undertaken.

In an explosive confidential email sent by him on Wednesday, Mistry had accused Tata Sons of replacing him as chairman without putting forward much explanation for doing so and alleged that he was not even offered an opportunity to defend himself.

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