Tata Sons asks Tata Steel to hold EGM to remove Cyrus Mistry, Nusli Wadia

Tata Steel on Friday said it has been directed by promoter, Tata Sons, to convene an extraordinary general meeting (EGM) to remove the steel major's Chairman Cyrus P Mistry and independent director Nusli N Wadia.

PTI| Last Updated: Nov 11, 2016, 17:54 PM IST
Tata Sons asks Tata Steel to hold EGM to remove Cyrus Mistry, Nusli Wadia

New Delhi: Tata Steel on Friday said it has been directed by promoter, Tata Sons, to convene an extraordinary general meeting (EGM) to remove the steel major's Chairman Cyrus P Mistry and independent director Nusli N Wadia.

"The company received from Tata Sons Ltd (Promoter and the principal shareholder) the requisition... Requesting the Board of Directors of Tata Steel to convene an EGM of the members of the company," Tata Steel said in a regulatory filing.

The steel maker said Tata Sons asked the firm to place the resolutions "removal of C P Mistry as Director of the company in terms of Section 169 of the Companies Act, 2013 and Removal of Nusli N Wadia as Director of the company in terms of Section 169 of the Companies Act, 2013".

Further, Tata Sons, which holds 29.75 per cent stake in Tata Steel, has issued a special notice in terms of Section 115 of the Companies Act, 2013, for the proposed resolutions, it added.

Mistry continues to be chairman of several listed firms of the salt-to-software Tata Group even after he was removed as chairman of the holding company, Tata Sons. These companies include Tata Steel, Tata Motors and Tata Chemicals.

The move comes a day after independent directors on board of Tata Chemicals reposed faith in leadership of Mistry. Wadia is on the board of Tata Chemicals as well and is said to have switched sides to join the Mistry camp.