Tata Power board meeting today: Will Cyrus Mistry's be removed as its Chairman?
Zee Media Bureau
New Delhi: Tata Power board meeting will kick off today amidst speculations whether or not Tata Sons' ousted Cyrus Mistry will remain as Tata Power's Chairman.
Business Standard, quoting a source said that “the numbers are not there” on the board of Tata Power to remove Mistry.
“In fact, the attempt of the Tata camp could possibly be to block a vote of confidence for Mistry,” it added.
Mistry, who was on October 24 abruptly removed as chairman of Tata Sons, the holding company of the USD 103-billion salt-to-software conglomerate, was voted out as chairman of Tata Steel on November 25.
Despite being removed as Chairman of Tata Sons, Mistry continues to head some group firms and is on boards of many.
While the chairman can be removed by board of directors, removal of a director can only be done by shareholders. So, Tata Sons, which brought back Ratan Tata after removing Mistry last month, is seeking to remove him from group firms too one after another.
He has already been ousted as chairman of Tata Consultancy Services (TCS) and Tata Global Beverages Ltd. EGMs have been called to remove him as director on these firms as well as Tata Motors and Indian Hotels.