Cyrus Mistry still the Chairman of several Tata group companies –Know

Tatas hope that Mistry will resign from the group companies on moral grounds --Will he do so?

Zee Media Bureau

New Delhi: Amidst rising worries about the plunging value of Tata Group companies after Cyrus Mistry was shown the door earlier in the week, there is something that is intriguing the board.

As per a report in NDTV, Mistry is still the Chairman of many Tata group companies.

Quoting sources, it said, “Tatas hope that Mistry will resign from the companies on moral grounds”, followin his correspondence to the board member which the group calls "unsubstantiated claims and malicious allegations, casting aspersions on the Tata group, the Tata Sons board and several Tata group companies and some respected individuals".

Reacting strongly to several allegations made by Mistry in his letter to the Board members, Tata Sons said: "It is unforgivable that Mr. Mistry has attempted to besmirch the image of the group in the eyes of the employees".

Here are the list of companies where Cyrus Mistry is serving as the Chairman:

Tata Steel

Tata Motors

Tata Consultancy Services

Indian Hotels

Tata Global Beverages Limited

Tata Chemicals

Tata Industries

Tata Teleservices.

His family's Shapoorji Pallonji group, a construction major, owns nearly a fifth of Tata Sons.

Meanwhile, a section of the media reported that Tatas are planning to get the Mistry family that owns 18.5 percent in the Tata Sons, out of the group by getting some sovereign wealth funds to buyout the single largest non-Tata family investor in the group holding company.