Cyrus Mistry resigned from Tata Group of companies:
In a surprise move, Cyrus Mistry resigned from the boards of all publicly listed companies of the Tata group after Ratan Tata’s ‘illegal coup to unceremoniously remove’ him as the chairman of Tata Sons.
Cyrus Mistry seeks to institutionalise governance in the group.
Mr. Mistry confirmed that he was going to drag Tata Sons and its board members to court in his fight for “governance” within the $103 billion salt-to-software Tata group.
Words of Mr. Mistry:
“One of the roles that I have played is actually institutionalising the group. So, if you look at the group operating companies, we have now governance guidelines which effectively ensured that I was evaluated by 50 independent directors a year. I would like to ensure that that is the kind of processes that are put in place in Tata Sons and the Trusts itself.”
Mr. Mistry argues that at present governance practices are not well institutionalized in the group rather depends on whims and fancies of Tata Trust members.