Return all confidential papers: Tata Sons to Mistry
After accusing former chairman Cyrus Mistry of breaching confidentiality rules, Tata Sons on Thursday asked the ousted chairman to return…
Cyrus Mistry, the ousted chairman of the salt-to-software Tata Group, resigned from six companies as part of his game plan to shift the battle with scion Ratan Tata to the next level.
“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 interest of the Tata group,” Mistry wrote in a letter made available to media organizations.
“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.''
Mistry said he was giving up his posts from car maker Tata Motors, coffee giant Tata Global Beverages, India's largest hospitality chain Indian Hotels Co Ltd., largest salt maker Tata Chemicals, the nation's top steel maker Tata Steel and electricity producer Tata Power.
It wasn't immediately clear what Mistry meant by shifting his battle to a “larger platform''.
Mistry said former group chairman Ratan Tata had staged an “illegal coup'' on October 24 when he asked Mistry to step down from the group's top post. The Tata group could not be immediately reached for a reaction.
Meanwhile, Mistry repeated several allegations on the group related to some its transactions in the telecom and civil aviation sectors in the past decade.
“Unknown to the world, I had confronted serious governance problems and ethical issues for a considerable period,'' his letter added.
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