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Cyrus Mistry resigns from boards of Tata group companies

Published Mon, Dec 19, 2016 · 09:50 PM

Mumbai

FORMER Tata Sons chairman Cyrus Mistry said on Monday that he was resigning from the boards of all Tata group listed firms but vowed to continue the fight to improve governance within the US$100 billion conglomerate.

"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," Mr Mistry said in a statement.

Tata Consultancy Services already voted to remove Mr Mistry from the board. Shareholders of five Tata Group companies, including Indian Hotels Co, Tata Steel Ltd and Tata Motors Ltd, will have extraordinary general meetings starting from Tuesday to oust Mr Mistry after Ratan Tata, a scion of the conglomerate's founding family, replaced him as chairman of the group's holding comp…

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