New Delhi: Cyrus Mistry, the chairman of Tata Sons, has resigned from all Tata Group companies at the start of a week when four of the firms were to vote on removing him as director in extraordinary general meeting.
Alleging that while he wanted to bring reforms to the system of the Tata Group for which he had to face lots of administrative and legal hurdles but he had to face dire consequences for the same and had to bear ouster from the office.
For many days he faced but due to some influential persons in the group he could never do that. Amid such scenario the security reforms that Cyrus tried to pushed through could never materialize.
Sources said Cyrus has brought several highly burning allegations against former Chairman Ratan Tata. Tata’s involvement in business even after his retirement from office, fraud in Air Asia deal, two corruption scandals.
On the contrary, Tata sons in a statement has said that his resignation is a deliberate strategy Tata Sons, in a statement, reiterated that he was making baseless, unsubstantiated and malicious allegations using selective disclosures of information.
Exactly a week ago, Mistry was removed as a director of Tata Industries in a vote at an extraordinary general meeting which was called specifically to remove him. A day later, he was removed as director of Tata Group’s, Tata Consultancy Services (TCS).
Mistry in a letter to the Board of Tata Sons and shareholders had said that “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”.
Meanwhile, Ratan Tata has appointed an interim chairman and has appealed to the shareholders to help remove Mistry from various boards.