In a nine-page statement, Tata accused Mistry of trying to take control of one of Tata's units and creating distance between the promoter, Tata Sons, and its group companies.
●    It also blamed him for nearly causing losses and eroding shareholder value.
●    The Tata Sons board has already suffered two major setbacks, as the board of Indian Hotels last week, and that of Tata Chemicals on Thursday, both backed Mistry, saying he would remain chair of those group companies.
●    Tata Sons on Thursday axed Mistry as chair of its main cash cow Tata Consultancy Services (TCS), however, as it owns a stake of over 70 percent in that company.
●    The corporate power struggle is set to continue over coming days as Mistry remains chairman of other key Tata companies like Tata Steel and Tata Motors, whose boards are set to meet soon.
●    Mistry was axed as chair of Tata Sons in a boardroom coup last month, with family patriarch Ratan Tata brought back to helm the company temporarily.


 

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