The ousted chairman of Tata Sons, Cyrus Mistry, today (19 December) said he will step down from positions he holds in Tata Group companies, which have called for extra-ordinary general meetings (EGMs) to remove him from their respective boards. Mistry said in a letter:
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 stakeholders of the Tata Group (the very people I sought to protect as Chairman) would be better served by my moving away from the forum of the extra-ordinary general meetings.
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. I had initially not thought that one would need to seek an external forum to adjudicate issues that should never have arisen in the first place.
However, Mistry said that the "future of the Tata Group was at stake and not his office".
With inputs from IANS
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