Cyrus Mistry quits from Tata Group firms


Mumbai, Dec 19 (PTI): After a bitter eight-week boardroom battle against Ratan Tata's "illegal coup", ousted Tata Group Chairman Cyrus P Mistry today quit from the boards of six listed companies including Tata Motors and Indian Hotels and vowed to shift his fight to a "larger platform".

In a two-page statement and a recorded video message, Mistry, who was unceremoniously removed as Chairman of Tata Sons on October 24, said the objective of effective reform and best interests of employees, shareholders and other stakeholders of the Tata Group "would be better served by moving away from the forum of the extraordinary general meetings".

While Mistry, 48, did not specifically say he was resigning from either Tata Sons, where he still continues as a director despite being removed as chairman, or from the operating firms, sources close to him said he has quit.

Both sides told the media that operating companies will make regulatory announcements to the stock exchanges shortly.

Tata Sons, the holding company of the USD 103 billion group, has called extraordinary general meeting (EGMs) of listed companies to consider its proposal to remove Mistry as director on their board.

  

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Comment on this article

  • Vincent Rodrigues., Frazer Town,Bangalore

    Tue, Dec 20 2016

    He need to quit when the directors are not in favour of him to continue

    DisAgree Agree Reply Report Abuse

  • Michael Noronha, Mysore

    Tue, Dec 20 2016

    It is a good decision. Ultimately the investors would like to go with the group and not an individual, however honest and just the person is. Investors are interested in their money and earnings, not in Board room tussels. Surely Cyrus will click elsewhere.

    DisAgree Agree [2] Reply Report Abuse

  • Swamy, Mangalore

    Mon, Dec 19 2016

    Two swords can not rule the same land.

    DisAgree Agree [1] Reply Report Abuse

  • Alwyn Crasta, Mangalore/Bangalore

    Mon, Dec 19 2016

    It's indeed a sad state of affairs at one of India's most respected Companies in terms of achievements, nation-building and corporate governance.

    Hope the issues troubling the Tata Group are sorted out satisfactorily, in the best interests of the Company, the Governing Board of Directors, the shareholders and the country.

    DisAgree Agree [4] Reply Report Abuse


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