Mumbai–Tata Sons ousted Chairman Cyrus Mistry on Monday said he will step down from positions held by him in all Tata Group companies, several of which have called extra-ordinary general meetings (EGMs) to remove him from their respective boards.
“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,” Mistry said in a letter to the Board of Tata Sons and shareholders.
“Towards this end, the objective of effective reform and the best interests of employees, public shareholders and other stakeholders of the Tata Group (the very people I sought to protect as Chairman) would be better served by my moving away from the forum of the extra-ordinary general meetings.”
“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. I had initially not thought that one would need to seek an external forum to adjudicate issues that should never have arisen in the first place.”
Tata Sons’ board had ousted Mistry on October 24 and appointed Ratan Tata as interim Chairman.
Following the ouster several Tata Group companies called for EGMs to decide whether or not to remove Mistry from their respective boards.
Tata Sons had earlier asked Mistry to follow his own assertions on corporate governance and step down from the boards of Tata companies.