Cyrus Mistry quits from Tata Group firms

Updated: Dec 20, 2016, 09:56 IST | Agencies

After a bitter eight-week boardroom battle against Ratan Tata’s “illegal coup”, ousted Tata Group Chairman Cyrus P Mistry yesterday quit from the boards of six listed companies including Tata Motors and Indian Hotels and vowed to shift his fight to a “larger platform”


Cyrus Mistry

After a bitter eight-week boardroom battle against Ratan Tata’s “illegal coup”, ousted Tata Group Chairman Cyrus P Mistry yesterday 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 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 would make regulatory announcements to the stock exchanges shortly. Tata Sons has called extraordinary general meeting of listed companies to consider its proposal to remove Mistry as director on their board.

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