Home / HR/ Tata Sons’ former Chairman Mistry voted off the Board

Tata Sons’ former Chairman Mistry voted off the Board


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 8 February 2017 00:00


Reuters: Shareholders at Tata Sons Ltd, the Indian conglomerate’s holding company, have voted to remove estranged former chairman Cyrus Mistry as a director.

Although Mistry’s family has an 18.4% stake in Tata Sons, its single-largest shareholder, the majority holding is controlled by a group of trusts chaired by Tata family patriarch Ratan Tata.

“The shareholders of Tata Sons Ltd, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Mr. Cyrus P. Mistry as a director of Tata Sons,” the company said in a statement on Monday.

In December Mistry resigned as director of all publicly-traded companies of Tata group, and launched legal proceedings against the conglomerate.

He has contested his removal as chairman in the National Company Law Tribunal (NCLT), a quasi-judicial body that deals with corporate grievances in India.

Meanwhile Tata Sons last month named veteran insider Natarajan Chandrasekaran as its new chairman.

Mistry had accused Ratan Tata and his associates in Tata Trusts of interference in the running of the various companies of the Tata group. Tata Sons, on the other hand, has accused Mistry of failing to turn round the ailing companies in the group after almost four years in charge.

A legal battle between the two sides is continuing with a court hearing scheduled for later this month.


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Shouldn’t Govt. prevent parliamentary system from decay and destruction?

Friday, 23 February 2018

The wrong people teach us the best lessons. As a clever nation, we had always used our ballot and chased the wrong people


Sri Lanka needs sensible and sound leadership

Friday, 23 February 2018

The Asia section of the print edition of the Economist, under the headline ‘Beasts and Monsters’, said: “To critics of Mahinda Rajapaksa


Something happened out there, but what’s going on in here right now?

Friday, 23 February 2018

I have a confession to make. Yours truly has really lost track of what’s happening in the arena we call national politics.


Putting ‘Yaha’ into ‘Palanaya’ – could standards be the trick?

Thursday, 22 February 2018

I will from the outset indicate that this is not about politics, even though popular terminology cannot be resisted if one is to get the message across. We are driven by emotions and the media is only adding fuel to the fire. If one takes a step back


Columnists More