Kicked out for protecting Jamsetji Tata's legacy: Mistry
- The legal discourse will most likely focus on the relation between Tata Trusts and Tata Sons.
- This statement accuses Ratan Tata and Noshir Soonawala of refusing to give up their participation in the key decisions.
- Tata Sons to hold EGMs of 6 of its companies to remove Mistry this month.
Cyrus Mistry is resigning from the boards of all six listed Tata Group companies and will take the matter to court. Mistry will be making his decision official at the upcoming extraordinary general meetings (EGM).
According to the official statement, the legal discourse will most likely focus on the relation between Tata Trusts and Tata Sons. The Tata Trusts has 66% control over Tata Sons, and it was supposedly instrumental in the sudden sacking of Mistry that led to the war of world between him and Ratan Tata.
The statement mentions "In order to be more effective, serve the objective of governance reform, and to regain lost ethical ground, I have decided to shift from the forum of the EGMs to a larger platform and also one where the rule of law and equity is upheld."
Sighting the reason for his sudden dismissal the official statement of Cyrus Mistry reads "It is now clear that my attempt to protect and preserve the ethical legacy of our founding father, Jamsetji Tata, was the real cause for my ouster. The pursuit of good governance and ethical business seem to have caused a serious discomfort in some quarters."
This statement accuses Ratan Tata and Noshir Soonawala of refusing to give up their participation in the key decisions that involves Tata Sons as well as other operating companies listed in India and abroad.
Chennai-based businessman, C Sivasankaran has also been mentioned is the statement, and that Mistry made efforts to recover a large amount of money due to Tata Sons, but this move was leaked by Tata Sons insider. His claim also includes Sivasankaran's close association with Ratan Tata.
Cyrus Mistry's statement concluded by stating that "The time has to come to take matters to their logical conclusion. I will work on protecting the interests of the Tata Group and realising the vision of our Founder, Jamsetji Tata, until my last breath."
Meanwhile, the Tata Sons has scheduled EGMs of TCS, Tata Motors, Tata Chemicals, Tata Power, Tata Steel, and Indian Hotels this month for removing Cyrus Mistry from their boards.