Mistry in a letter to shareholders said, "Over last 50 years my family's steadfast support to the group has been of guardianship. Nothing cogent has been forthcoming from the Tata's on my ouster. Events of the past 8 weeks have been about saving legacy."
Cyrus Mistry, ousted chairman of Tata Group, on Monday said that he would resign from all listed Tata companies, television channels ET Now and CNBC TV18 reported citing sources. Mistry in a statement to shareholders said, “Over last 50 years my family’s steadfast support to the group has been of guardianship. Nothing cogent has been forthcoming from the Tata’s on my ouster. Events of the past 8 weeks have been about saving legacy.” Mistry, in his statement said that he opposed group’s decision even before ouster. “Many have asked me why I have raised issues only after Mr Ratan Tata staged the illegal coup, unknown to the world, I had confronted serious governance problems and ethical issues for a considerable period” Mistry said.
He said that all decisions he made were to reform the system.”My efforts were aimed at reforming the system, which may well be the reason for my removal,” Mistry said. “By removing myself from general meetings,I reinforce my position that this is not a fight for position but for a secure reform,” Mistry added. He also alleged that Ratan Tata and N Soonawala kept intervening in key decisions, leading to serious serious regulatory consequences. “Have brought to the fore evidence of governance breakdown at Tata GroupRatan Tata & Soonawala refuse to give up participation in key decisions, their intervention led to serious regulatory consequences,” he said.
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Mistry said that his attempt to preserve JRD’s legacy is real reason for ouster. In an apparent reference to have a legal fight against the group, Mistry said that he will fight on a platform where ‘law and equity’ is upheld. ” I think it is time to be more incisive in the best interest of Tata Group. I have decided to shift from EGMs to a larger platform. Will fight on a platform where rule of law and equity is upheld,” he said.