Tata Global Chairman Harish Bhat says Cyrus Mistry’s ouster completely ‘legal’

Tata Global Chairman Harish Bhat said Cyrus Mistry’s removal as Tata Sons Board is completely legal and seven out of 10 board members voted to oust Mistry.

Bhat said Mistry didn’t enjoy support of Tata Sons and due legal was followed in bringing resolution on board.

“I continue to have very high personal regard for Cyrus Mistry. At a personal level, it was difficult for me, but directors took decision in interest of long term stakeholders of company,” Bhat told ET Now in an exclusive interview.

Bhat said it is a risk to have a Chairman who has a very hostile relation with promoters. “I believe having Chairman on board with hostility to promoters is detrimental. It is important to have good alignment between different stakeholders, require a Chairman who enjoys full support of the promoters,” said Bhat.

“Interest of minority of shareholders that resolution was introduced & adopted. Directors took decision in interest of long term stakeholders of company. Don't synchronise with the approach of 'either with us or them,” said Bhat.