India’s Mistry resigns from all Tata companies
MUMBAI: Cyrus Mistry, the ousted former chairman of Indian conglomerate Tata, announced he had resigned from all of the group’s listed companies as he pledged to escalate his bitter dispute with company patriarch Ratan Tata.
Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata group. Cyrus Mistry
Mistry was expected to be removed from the board of several Tata companies this week, including car manufacturer Tata Motors and steel giant Tata Steel, at extraordinary general meetings but released a statement saying he would stand down instead and “shift his campaign to a larger platform”.
“Having deeply reflected on where we are in this movement for cleaning up governance and regaining lost ethical ground, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata group,” he said.
“Towards this end, the objective of effective reform and the best interests of employees, public shareholders and other stakeholders of the Tata Group... would be better served by my moving away from the forum of the extraordinary general meetings,” the statement added.
A spokesman for Mistry confirmed to AFP that this meant he was resigning from the boards of listed Tata companies.
“It is with this thought in mind that I have decided to shift this campaign to a larger platform and also one where the rule of law and equity is upheld,” Mistry added. — AFP