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4 Listed Tata firms to vote on Cyrus Mistry's removal as director this week

Four listed Tata firms will vote on resolutions to remove ousted chairman Cyrus Mistry as director from boards this week.      


4 Listed Tata firms to vote on Cyrus Mistry's removal as director this week

Mumbai: Four listed Tata firms will vote on resolutions to remove ousted chairman Cyrus Mistry as director from boards this week.

All eyes will be on the outcome of voting by shareholders of Indian Hotels Co Ltd (IHCL), Tata Steel, Tata Motors and Tata Chemicals at their EGMs to be held on December 20-23.

Besides deciding the fate of Mistry, shareholders of three companies -- Tata Steel, Tata Motors and Tata Chemicals will also vote on similar resolutions moved by Tata Sons to remove independent director Nusli Wadia from their boards.

Shareholders of IHCL will vote on removing Mistry as director. Tata Sons holds 28.01 per cent stake in the company.

According to the information available on BSE, as on September 2016, promoter and promoter group together held 38.65 per cent stake in IHCL. One of the key non-promoter shareholders, LIC, which had abstained in a similar voting in TCS, holds 8.76 per cent.

Mistry on his own holds 1,28,625 shares in the company, as per IHCL's 2015-16 Annual Report.

In Tata Steel, Tata Sons holds 29.75 per cent while the total of promoter and promoter group holding is 31.35 per cent while non-promoter shareholder LIC holds 13.62 per cent.

Tata Sons holds 26.51 per cent stake in Tata Motors, while the overall promoter and promoter group holding is at 33 per cent, while that of LIC is at 5.11 per cent. Mistry holds 14,500 shares in his individual capacity.

On the other hand, in Tata Chemicals, Tata Sons has 19.35 per cent stake and the total of promoter and promoter group holding is at 30.80 per cent, while that of LIC is 3.33 per cent. Mistry's holding is 16,000 shares.

From Zee News

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