Ratan Tata is looking out for a buyer for Cyrus Mistry's stakes

Responding to claims made by Mistry in a 2,100-word mail, Tata Sons said in a 700-word statement on Thursday, "The record, as and when made public, will prove things to the contrary". In an explosive communication to Tata Sons board members, Mistry levelled a series of allegations against Ratan Tata and contended that he was pushed into a position of "lame duck" chairman and changes in the decision-making process created alternative power centres in the Tata group.

The Tata group spat had taken a huge toll on the shares of group companies which came under selling pressure during the last three days, with nearly all of them ending in the red in each trading session after the news of the Chairman's removal broke.

Tata Sons owns major stakes in Tata Consultancy Services Ltd., Asia's largest provider of software services, and Tata Motors Ltd., the producer of Jaguar and Land Rover vehicles.

"It is only on his removal that allegations and misrepresentation of facts are being made about business decisions that the former chairman was party to for over a decade in different capacities", Tata Sons said in the statement on Thursday.

Giving an account on why Mistry was replaced, the company said: "The Directors of the Tata Sons board had repeatedly raised queries and concerns on certain business issues, and Trustees of the Tata Trusts were increasingly getting concerned with the growing trust deficit with Mistry, but these were not being addressed".

As Tata Sons holds a little over 70 per cent stake in TCS - more than twice its stake in other listed companies; its finances are disproportionately depended on latter's dividend payment.

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"This is not a group of people who one would expect to act without exercising proper judgement in the best interests of the entities they sit on the boards of", it said.

The company is likely to justify his ouster, saying there was no breach of corporate governance in the replacement of Mistry as Chairman.

These stocks had also lost ground amid worries about purported disclosure made by ousted group chairman Mistry about huge write-down risks at some firms.

The steel manufacturer has clarified to bourses that the financial statements of the company present "a true and fair view" of the state of affairs of the firm.

AirAsia India recorded a market share of 2.3 percent in September and a passenger load factor of 82.8 percent.

Tata Motors jumped 2.89 percent, Tata Steel rose 1.81 percent and Tata Power gained 1.75 percent on BSE.

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