Mumbai: The Tata tussle took a big turn today after Cyrus Mistry resigned from 6 group companies, saying he was shifting this battle to a larger platform.
“I think it is time to be more incisive in the best interest of Tata Group. Nothing cogent has been forthcoming from the Tata’s on my ouster. I am removing myself from the general meetings. I am shifting this battle to a larger platform,” he said in a letter.
Mistry on his own holds 1,28,625 shares in the company, as per IHCL’s 2015-16 Annual Report. In Tata SteelBSE -0.75 %, Tata Sons holds 29.75 per cent while the total of promoter and promoter group holding is 31.35 per cent while non-promoter shareholder LIC holds 13.62 per cent.
Tata Sons holds 26.51 per cent stake in Tata MotorsBSE -0.17 %, while the overall promoter and promoter group holding is at 33 per cent, while that of LIC is at 5.11 per cent. Mistry holds 14,500 shares in his individual capacity.
On the other hand, in Tata ChemicalsBSE 2.26 %, Tata Sons has 19.35 per cent stake and the total of promoter and promoter group holding is at 30.80 per cent, while that of LIC is 3.33 per cent. Mistry’s holding is 16,000 shares.