Posted On December 12, 2016 By In Business And 410 Views

Cyrus Mistry Removed As Director Of Tata Industries At Shareholders’ Meet

MUMBAI: Cyrus Mistry was today removed as director of Tata Industries, the latest in the acrimonious saga that began with the removal of Mr Mistry as chairman of Tata Sons in a boardroom coup in October. Mr Mistry was voted out at the Tata Industries EGM or Extraordinary General Meeting on Monday morning. With his exit as director, he stops being chairman of the board. Tata Sons has appealed to shareholders of Tata group companies to remove Mr Mistry from the board, saying his presence as director “is likely to lead to fragmentation of the Tata Group”. Six Tata Group companies are expected to hold such meetings over the next few weeks to remove Mr Mistry. In October, Mr Mistry was removed as chairman of Tata Sons, the holding firm of the $100-billion Tata empire, but he remains on the board of some group companies. Ratan Tata is back in charge temporarily, and both sides have been locked in an ugly and public power struggle since then.

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