On Monday Cyrus mistry made an announcement of his resignation from the boards of six companies of Tata group including Tata motors, Indian hotels, Tata Power, Tata Steel and others.
Since October, there has been ongoing tussle between Tata Group and Cyrus Mistry, following this mistry was removed from chairmanship of Tata group.
Mistry quoted about his resignation, “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 group.”
Mistry said, he is not going to participate in the general meetings as he wants to safeguard the long term interests of the Tata group.
He also said that over five decades his family constantly supported Tata group and has been one of the gaurdship. He also thanks and urged all the stakeholders to ask the right questions and claim the right actions.