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Cyrus Mistry resigns from all Tata Group companies

Cyrus Mistry resigns from all Tata Group companies

India Blooms News Service | | 19 Dec 2016, 10:34 pm
Mumbai, Dec 19 (IBNS): Tata Sons' ousted chairman Cyrus Mistry has resigned from all Tata Group companies.

He resigned when four of the firms were to vote on removing him as director in extraordinary general meetings or EGMs.

"It is time to shift gears, up the momentum and be more incisive in securing the best interests of the Tata group,"  Mistry said in a letter to the Board of Tata Sons and shareholders on Monday.

In a statement, the Tata Sons Ltd. informed that it has taken note of the public announcement of the resignation by Mistry from the Boards of Tata Companies.

"Mistry's resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions," the group claimed in a statement.

"Unfortunately, Mr. Mistry continues to make baseless, unsubstantiated and malicious allegations using selective disclosures of information against the very institution he claims to have the highest regard for," it said.

Tata Sons stated that it has responded to his charges on multiple occasions and will respond adequately to any "allegations" made by Mistry.

"Tata Sons strongly resents the claims by Mr Mistry to align with the values and ethics of Jamsetji Tata and the Tata Group. On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees," the statement said.

"Mistry has been a director of Tata Sons since 2006 and as such was fully involved in all the key decisions that the Tata Group had taken over the years. It is unfortunate that it is only on his removal as chairman that he began making allegations and misrepresentations about business decisions he was party to for over a decade," the group stated.

"As Tata Group, we are committed to upholding the highest standards of ethics and value systems put in place by the Founders. It is these that have made the Group what it is today. We will do whatever it takes to protect the interests of all stakeholders of the Tata Group," it added.

Tata Sons board removed him as the chairman on Oct 24.

He was replaced with Ratan Tata.