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After a bitter eight-week boardroom battle against Ratan Tata's "illegal coup", ousted Tata Group Chairman Cyrus P Mistry on Monday quit from the boards of six listed companies including Tata Motors and Indian Hotels and vowed to shift his fight to a "larger platform".
In a statement issued by Mistry, he said, "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. Towards this end, the objective of effective reform and the best interests of employees, public shareholders and other stake holders of the Tata Group (the very people I sought to protect as Chairman) would be better served by moving away from the forum of the extraordinary general meetings."
He added, "It is with this thought that I have decided to shift this campaign to a larger platform and also one where the rule of law and equity is upheld."
While Mistry, 48, did not specifically say he was resigning from either Tata Sons, where he still continues as a director despite being removed as chairman, or from the operating firms, sources close to him said he has quit.
Both sides told the media that operating companies will make regulatory announcements to the stock exchanges shortly.
Tata Sons, the holding company of the USD 103 billion group, has called extraordinary general meeting (EGMs) of listed companies to consider its proposal to remove Mistry as director on their board.
Further details awaited.
