Cyrus Mistry has resigned from six listed Tata companies to battle the conglomerate in a “larger platform where the rule of law and equity is upheld”, CNBC TV18 reported, possibly indicating some kind of legal action in a court of law.
Mistry has resigned from companies including Tata Chemicals, Indian Hotels and Tata Motors with immediate effect, CNBC TV 18 quoted sources as saying. Mistry, in a resignation, letter said that he would be moving away from the EGM process and shifting the battle to a “larger platform”.
Mistry also wrote that he was grappling with serious governance problems and ethical issues for a considerable period of time. “My efforts were aimed at reforming the system from within, which may well be the real reason for my removal."
Tata Sons, in a statement on Monday, said: "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."
"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 added.
Cyrus Mistry was sacked as Chairman of Tata Sons on October 24 in a boardroom coup and Ratan Tata was installed as the interim Chairman, in what has become one of the most high profile corporate battles in recent history.
Even though he was unseated as the Chairman he remained on the boards of individual Tata companies, where an effort has begun to dislodge him. He has been voted out by shareholders as director of TCS, Tata Chemicals and other firms in Extraordinary General Meetings in recent weeks.
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