Cyrus Mistry removed as director of Tata Industries at shareholders' meet
The battle is on between Cyrus Mistry, former Chairman of Tata Sons and Tata Group. Losing one more forte, Cyrus P Mistry was on Monday removed as the Director of Tata Industries at shareholders' meet.
Mumbai: The battle is on between Cyrus Mistry, former Chairman of Tata Sons and Tata Group. Losing one more forte, Cyrus P Mistry was on Monday removed as the Director of Tata Industries at shareholders' meet.
Following Mistry's exit as director, he also ceases to be the Chairman of the company by default.
The board of Tata Industries voted Mistry out at the EGM or Extraordinary General Meeting on Monday morning. ANI reported that the Board of Tata Industries, post the EGM, comprises, Mr. K.R.S, Jamwal, Mr. R. Bhinge, Ms. Ireena Vittal, Mr. Ashish Dhawan, Mr. N. Srinath, and Mr. F.N. Subedar. Tata Industries is a subsidiary of Tata Sons.
Since the ouster of Cyrus Mistry as Chairman of Tata Sons on October 24, the Tata Group is calling upon the shareholders of Tata Group companies to oust Mistry from their board.
Taking on Cyrus Mistry once again, Tata Sons, on Sunday, had accused Cyrus Mistry of misleading 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, accused Tata Sons in its latest press release..
Adding further, Tata Sons also added that the ousted chairman did not distance himself from his family enterprise Shapoorji Pallonji & Co as promised by him earlier.
Tata Sons also claimed that Mistry's retraction from commitments created grave concern on his ability to lead Tata Group devoid of personal conflicts and put to risk high standards of self philosophy.
Dividend income (other than from TCS) declined continuously and staff costs more than doubled during Mistry's tenure, said Tata Sons.
Mistry gradually concentrated all powers and authority, systematically diluting representation of Tata Sons on Boards of group companies, it added further.
Mistry took advantage of free hand to weaken management structures, said Tata Sons.