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Cyrus Mistry steps down, vows to fight against Ratan Tata's 'illegal coup'

Updated: Dec 19, 2016 22:08 IST

Mumbai [India], Dec. 19 : Cyrus. P. Mistry, who was ousted as the chairman of Tata Sons, on Monday said he has resigned from all the Tata group companies and vowed to adopt legal course to fight against “illegal coup staged by Ratan Tata”.In a three-page letter, Mistry said, “In order to be more effective, serve the objective of governance reform, and to regain lost ethical ground, I have decided to shift from the forum of the EGMs to a larger platform and also one where the rule of law and equity is upheld.””It is now clear that my attempt to protect and preserve the ethical legacy of our founding father, Jamsetji Tata, was the real cause for my ouster. The pursuit of good governance and ethical business seem to have caused a serious discomfort in some quarters,” he added.He said he has been attempting to resolve the governance break-down at Tata Sons for a considerable period of time, alleging that Ratan Tata and Noshir Soonawala, the Trustees of Tata Trusts, who had retired from Tata Sons after multiple extensions, refused to give up participation in key decisions involving Tata Sons and the operating companies, including those listed in India and abroad.”This has undermined the Tata Sons Board apart from exposing the Tata Group including the Boards of Directors of various listed companies to serious regulatory consequences. Such behaviour has adverse implications for the beneficiaries of the Tata Trusts, which are public charitable trusts,” he said.Mistry, 50, said nothing cogent has been forthcoming, since he was ousted from the company eight weeks ago. “Having reflected deeply, I think it is time to shift gears, up the momentum, and be more incisive in securing the best interests of the Tata Group,” he said.”Over the last five decades my family’s steadfast support for the Tata Group has been one of guardianship. We have always ensured that we did the right thing for the right reasons, regardless of the consequences,” he added.Mistry said, “I feel strongly that such short-term pain is necessary for the long-term interests of employees, public shareholders and other stakeholders of the Tata Group. As a large shareholder of Tata Sons and a proud long-term partner, my family will also equally suffer this pain.””The time has to come to take matters to their logical conclusion. I will work on protecting the interests of the Tata Group and realising the vision of our Founder, Jamsetji Tata, until my last breath,” he added.Mistry was ousted as a director of Tata Industries in a vote at an extraordinary general meeting called specifically to remove him a week ago. A day later, he was removed as director of Tata Consultancy Services (TCS).