Mistry has repeatedly hit out at Ratan Tata.
It is game over for the ousted Chairman of Tata Group, Cyrus Mistry as he finally put in his paper from all five key posts that he served in India’s largest business conglomerate.
After losing a battle that Mistry has been fighting since his unceremonious exit as the Chairman of the Tata Group has finally ended with his resignation, reported a few TV channels and news agencies.
In an interview to ANI, Mistry told that he faced ethical and governance problems during his time as the Chairman of the Tata group.
According to reports, Mistry has resigned from all key posts that he decorated in Tata Motors, Tata Chemicals, Tata Power, Tata Steel and Indian Hotels. He was quoted by CNBC TV 18 saying “I am shifting this battle to a larger platform.â€
The rift within the Tata Group founder Ratan Tata and Mistry, who was hailed as his successor, has been widening for the last few months until it reached a culmination when the board decided to show the exit door to its chairman for being an “underperformerâ€.
The days after the ousting of Cyrus Mistry saw the two top executives of Tata Group engaged in fierce underground battle within the $103 billion conglomerate that took the attention of Indian corporate sector.
The decision to terminate Mistry from his service as the Chairman of Tata Group companies including the mega-profitable Tata Consultancy Services was taken by the board after a series of discussions that was conducted over the few weeks before the ousting.
Since his exit from the Tata Group, Mistry has repeatedly hit out at Ratan Tata, who replaced him as Tata chairman. Mistry alleged that he was prevented from cleaning up bad debts because of legacy problems.
“My efforts were aimed at reforming the system, which may well be the reason for my removal,†ANI quoted Mistry as saying.
In response to the allegations raised by Mistry, Tata Sons, the umbrella company that holds rest of the company, dismissed it citing that Mistry broke governance norms and misleading the group.