Cyrus Mistry has no plans to quit as Chairman of Tata group companies

Mumbai: Digging in his heels after being ousted as Chairman of Tata Sons, Cyrus Mistry plans to continue in his current role at Tata group firms, including Tata Steel, TCS and Tata Motors, where he is Chairman.

Cyrus Mistry. Reuters

Cyrus Mistry. Reuters

According to sources close to Mistry, he has no plans to quit as Chairman of these firms.

"He will discharge his fiduciary duty as required by law in all his positions in the Tata group," a source close to Mistry said.

Tata Sons is the main holding company of the group.

The Tata group has been hoping that Mistry will step down from the positions he occupies in the group firms after being replaced as Chairman on October 24.

At present, he is the Chairman of Tata companies such as Tata Steel, Tata Consultancy Services, Tata Motors, Indian Hotels Co Ltd (IHCL), Tata Power Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.

Mistry is slated to chair the upcoming board meetings of IHCL and Tata Chemicals on November 4 and 10 respectively to approve quarterly results.

In a surprise move, Tata Sons board had ousted Mistry as Chairman of the company and replaced him with Ratan Tata as interim Chairman. The group has said it would find a successor within four months.

A day after Mistry wrote a letter to the board members of Tata Sons levelling a series of allegations against Ratan Tata and contended that he was pushed in to a position of "lame duck" chairman and changes in decision making process created alternate power centres in Tata group.

Since then there has been a continuing war of words between Mistry and the Tatas.

On Monday, in a letter to group employees, Tata had termed the decision to replace Mistry as a well-considered but difficult and a serious one which was "absolutely necessary for the future success of the Tata Group".


Updated Date: Nov 03, 2016 18:29 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See