Tata Motors calls EGM to remove Cyrus Mistry, Nusli Wadia as directors

In another major blow for Cyrus Mistry and Nusli Wadia, Tata Motors have called for shareholder meet on December 22 to consider Tata Sons' proposal to remove them as directors.

Updated: Nov 23, 2016, 21:24 PM IST
Tata Motors calls EGM to remove Cyrus Mistry, Nusli Wadia as directors

Zee Media Bureau

New Delhi: In another major blow for Cyrus Mistry and Nusli Wadia, Tata Motors have called for an extraordinary general meeting (EGM) of shareholders on December 22 to consider Tata Sons' proposal to remove them as directors.

Cyrus Misty has been outsted at the chairman of Tata Sons, TCS and Tata Global Beverages while he is still the Chairman of the group firms like Tata Motors and Tata Chemicals.

Tatas are also considering the removal of industrialist Nusli Wadia from the board of independents on allegations that he was backing the ousted chairman Cyrus Mistry.

Tata Sons, the company's promoter with 26.51 percent stake, had asked Tata Motors on November 10 to convene an EGM for passing a resolution for removal of Mistry and Wadia as directors.

In a filing to the BSE, Tata Motors informed that the company's Board, at its meeting held today, decided to convene an EGM "to consider and if thought fit, to pass an ordinary resolution for removal of C P Mistry and Nusli Wadia as directors of the company".

After having sacked Cyrus Mistry as the chairman of Tata Sons, the group had sought to remove him Tata Motors, Tata Chemicals and TCS too.

Earlier in November, the Tatas had issued notices to Tata Motors and Tata Steel seeking the removal of Cyrus Mistry and Nuslia Wadia from the companies.

In a sudden and dramatic turn of events last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the interim, triggering a confrontation between the single-largest shareholder and the Tatas.

Returning to Tata Sons after the abrupt removal of Mistry, Ratan Tata has moved quickly to consolidate his grip over the USD 103 billion salt-to-software group by seeking to remove the ousted chairman from boards of group firms.

TCS has called an EGM on December 13, Indian Hotels Co Ltd has convened it on December 20 and Tata Chemicals on December 23 to seek Mistry's ouster.

 

With PTI Inputs