Cyrus Mistry won’t resign from Tata companies, ready for legal battle

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Ousted Chairman of Tata Sons Cyrus Mistry leaves from Bombay House in Mumbai.

Cyrus Mistry will not resign from any group companies where he is the chairman and is ready for legal battle with Tatas — if need be, a family source told Business Standard.

Mistry is currently chairman of all top-listed firms. Tata Sons stake in these companies is low while the institutional/small shareholders are owning the rest. The Shapoorji Pallonji family owns 18.5 per cent in the Tata group holding company, Tata Sons. Tata Sons, in turn, holds 39 per cent stake in Indian Hotels.

Senior independent directors on the board of Indian Hotels are planning to discuss the acquisitions made by the previous management led by former chairman and current Interim Chairman Ratan Tata in the crucial Indian Hotels board meeting to be held in Mumbai on Friday. The removal of Cyrus Mistry as chairman of Indian Hotels is not on the agenda, and the board meeting is to consider the July-September 2016 quarter results.

ALSO READ: Ronen Sen lashes out at Cyrus Mistry for leaking information.

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