Cyrus Mistry saga continued on Monday with the ousted chairman writing a 14 page letter to shareholders before the upcoming EGMs, questioning the governance methods of the Tata Group.

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“For the long-term interests of the Tata Group to be protected and for the interests of all stakeholders to be secured, Governance Reform is a must at the level of Tata Sons, and even more importantly, at the level of Tata Trusts,” Mistry said.

Mistry further added, “Without Governance Reform, without checks and balances and without accountability for conduct of the trustees, serious value erosion for you as members of your Company is inexorable. There is a crying need to reclaim the glory of the Tata Group.”

“Without Governance Reform, without checks and balances and without accountability for conduct of the trustees, serious value erosion for you as members of your Company is inexorable. There is a crying need to reclaim the glory of the Tata Group,” Mistry added.

Mistry reiterated that the 'end game' for Tata Group was never about him.

Placing Tata group’s future on the bait line, Mistry urged on, “The entire Tata Group, as indeed your Company, is now at an inflection point. The world is looking at us. Governments, Indian and foreign, employees, Indian and foreign, corporates, Indian and foreign, indeed entire societies and industries are watching us.

“I therefore urge all you to think beyond the here and now. I urge you to have your voice heard loud and clear. I ask you to be a part of defining the future,” Mistry added.