Cyrus Mistry resigns from Forbes & Company

Shapoorji Pallonji Group firm Forbes & Company today said Cyrus P Mistry, who is set to succeed Ratan Tata as the Tata group Chairman next year, has resigned from its board.

"Cyrus P Mistry has resigned as a director on the board of the company with effect from December 9, 2011," Forbes & Company said in a filing to the Bombay Stock Exchange (BSE).

Last month, the holding company of the over $80 billion conglomerate Tata group had announced that Mistry, the 43-year-old managing director of Shapoorji Pallonji Group, would succeed Ratan Tata after his retirement in December 2012.

After this announcement, Mistry had said that he would disassociate himself from all family-related businesses.

"I take this responsibility very seriously and in keeping with the values and ethics of the Tata Group, I will undertake to legally disassociate myself from the management of my family business to avoid any issue of conflict of interest," he had said.