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  Business   Companies  06 Feb 2017  Cyrus Mistry now ousted as Tata Sons director

Cyrus Mistry now ousted as Tata Sons director

THE ASIAN AGE
Published : Feb 6, 2017, 5:07 pm IST
Updated : Feb 6, 2017, 5:12 pm IST

With this, Mistry family that holds 18.4 per cent stake has not a single memebr on Tata Sons board.

Cyrus Mistry was removed as Tata Sons chairman on October 24 last year.
 Cyrus Mistry was removed as Tata Sons chairman on October 24 last year.

Mumbai: Tata Sons shareholders on Monday removed Cyrus Mistry as director from the board of the holding company, CNBC-TV18 reported.

Tata Sons shareholders at the extraordinary general meeting called to oust Mistry passed a ‘requisite majority’ resolution favouring Mistry's ouster.

 

Noel Tata, stepbrother of Ratan Tata who is married to Mistry’s sister, voted in favour of Tata Sons' resolution to remove Mistry as director, the channel quoted its sources as saying.

Earlier in the day, Tata Sons chairman emeritus Ratan Tata and other board members that included incumbent Tata Sons chairman N Chandrasekaran and Ajay Piramal arrived at Bombay House for the proceedings.

Counsel for Tata Sons Mohan Parasaran said that 'minority stakeholder' case that Mistry brought to the quasi-judicial body would be fought in National Company Law Tribunal.

"Only remedy will be to move to National Company Law Appellate Tribunal," Parasaran was quoted by the channel as saying.

 

Earlier, Cyrus Mistry brought two petitions — one about oppression of minority interests and mismanagement and the other was about contempt — in NCLT and NCLAT respectively.

Both the foras turned down Mistry claims and refused to grant him any relief.

Tags: tata sons, cyrus mistry, egm, ratan tata, bombay house
Location: India, Maharashtra, Mumbai (Bombay)