Cyrus Mystry formally resigns from Tata Group firms
Mumbai : After eight difficult weeks of fight, Cyrus Mystry on Monday formally tendered his resignation from all six firms he was associated with under Tata group, including Indian hotels. He also assured that with this he will take this fight to a larger platform.
Cyrus Mistry left company with two-page statement and a video message saying the objective of effective reform and best interests of employees, shareholders and other stakeholders of the Tata Group "would be better served by moving away from the forum of the extraordinary general meetings".
He was removed as the chairman of Tata Sons on October 24 for allegedly doing things not in interest of the organisations.
Both sides told the media that operating companies will make regulatory announcements to the stock exchanges shortly.
The decision to remove Cyrus Mistry as director of Tata group was taken in an extraordinary general meeting (EGMs) of listed companies.