Connect with us

Breaking

Will step down from Tata Group companies’ posts: Mistry

Published

on

cyrusmistry1

Mumbai, 19 Dec 2016 : Tata Sons ousted Chairman Cyrus Mistry on Monday said he will step down from positions held by him in Tata Group companies 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.

“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.”

Mistry said: “I believe my actions today are consistent with protecting the long-term interests of the Tata Group. By removing myself from the general meetings, I reinforce my consistent position that this is not a fight for a position but a fight to more effectively secure long-term reform to keep the Tata Group on a sustainable path.”

However, Mistry elaborated that it was the “future of the Tata Group that was at stake and not his office”.

“A journalist recently asked me ‘What was your reaction when minutes before the meeting on October 24, Nitin Nohria and Ratan Tata walked into your office asking you to quit?’ I answered that I had at all times acted only in the interest of the Tata Group and there was no reason for me to quit,” Mistry’s letter read.

“My resolve to always do the right thing for the right reasons had given me the strength to face the situation. It was the future of the Tata Group that was at stake and not my office. There began the journey of the last eight weeks.”

According to Mistry, until about 15 years ago the Tata Trusts wielded no voting power.

“Until about 15 years ago, the trustees of Tata Trusts wielded no voting power at all on the Tata Sons shares held by them. Company law vested voting power in the hands of a ‘public trustee’ appointed by the government who would decide how to vote shares held by public charitable trusts,” Mistry said.

“My family’s votig strength constituted the largest minority voice outside the government. In this role, over the decades, we consistently implemented the values and ethics of Jamsetji Tata and our actions protected this incredible institution.”

Tata Sons is the main promoter and the holding company of the industrial conglomerate Tata Group. 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.

Tata Industries was the first Tata Group company that removed Mistry from its board of directors. The company had taken the decision at its EGM held on December 12.

Last Tuesday, TCS (Tata Consultancy Services) ousted Mistry as a Director of the company in its EGM.

On December 14, Tata Teleservices (Maharashtra) had removed Mistry from its board of Directors.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking

PDP chief Mehbooba Mufti released from detention after 14 months

Published

on

By

Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

Continue Reading

Breaking

Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

Published

on

By

Swimming pools for training of sportspersons to open with SOP from Oct 15

Continue Reading

Breaking

SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

Published

on

By

Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

Continue Reading

Trending Live

Advertisement

Latest Post

Big News

Advertisement

Sports

Advertisement

Entertainment

Trending