Cyrus Mistry was today removed as director of Tata Industries following shareholders’ vote, the first such instance of the embattled executive being ousted from the board since his removal as Tata Group chairman.
Mistry also ceases to be the chairman of the company following his removal as director, Tata Industries said.
“Tata Industries, at its extraordinary general meeting on December 12, 2016, removed Cyrus P Mistry, as a director of the company. Hence, he also has ceased to be the chairman of the company,” it said.
Mistry was abruptly ousted as chairman of Tata Sons — the holding company of the USD 103 billion salt-to-software conglomerate — on October 24. Since then, interim Chairman Ratan Tata has moved to consolidate his position by seeking to remove Mistry from boards of key listed firms.
Even with the latest development, the Tata vs Mistry battle has been raging unabated, with both sides taking shots at each other over the past week.
Here’s what you’ve missed of the boardroom battle that has India Inc, and the country’s, attention.
Mistry refutes Tata’s allegations
Refuting allegations that he misled the selection committee set up in 2011 to find new Tata SonsChairman, Mistry on Sunday hit out at Tata Sons Interim Chairman Ratan Tata saying his predecessor’s “conduct has eroded the Tata brand and values materially”.
On a series of allegations leveled against him by Tata Sons in a letter to stakeholders of Tata firms, Mistry said, “Repeat a lie a thousand times and hope it becomes a truth, seems to be Ratan Tata’s last-ditch effort to overcome a monumental disaster his actions have unleashed.” ( Read more here)
Tatas accuse Mistry of misleading selection committee to get selected as chairman
Mistry’s rebuttal came after Tata Sons said that Mistry had misled the selection committee set up in 2011 for selecting a chairman to succeed Ratan Tata.
“Mistry made lofty statements about plans for Tata Group, but didn’t give into effect management structures and plans he promised,” stated Tata Sons. Mistry did not distance himself from his family enterprise Shapoorji Pallonji & Co as promised, Tata Sons further stated in a press release. ( Read the details here)
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