Cyrus Mistry decided to call it quits on Monday from all Tata Group companies, ahead of two prominent group entities — Indian Hotels Company Ltd. (IHCL) and Tata Steel — gearing up to oust him from the companies at the extraordinary general meetings (EGMs) this week.
The 50-year-old businessman said he was "shifting gears and moving away from the extraordinary general meeting (EGM) platform to a larger platform and also one where rule of law and equity is upheld," according to a report in the Mint.
"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 interest of the Tata group," Mistry said in a statement.
IHCL and Tata Steel will convene EGMs on Tuesday and Wednesday respectively to remove Mistry from the boards of the companies, in addition to seeking Nusli Wadia's ouster from Tata Steel board.
Mistry's trouble started on October 24 when he was removed from the chairmanship of Tata Sons and replaced by Ratan Tata. Subsequently, he has been forced to step down from the boards of many group companies, amid mud-slinging by him and Ratan Tata.