Cyrus Mistry's ouster from Tata group set to complete on Monday?

File picture of Cyrus Mistry and Ratan Tata

Mumbai: In most likely, Cyrus Mistry will have to give up his last official position across Tata Group companies on Monday, as Tata Sons holds an Extraordinary General Meeting (EGM) to remove the former Chairman from the position of director.

Mistry became a director in Tata Sons in 2006.

Mistry had moved National Company Law Tribunal (NCLT) and later National Company Law Appellate Tribunal (NCLAT) seeking a stay on the EGM.

The National Company Law Tribunal (NCLT)refused to grant a stay on the extraordinary general meeting on February 6, and will only hear Mistry camp’s petition, challenging his ouster as the Chairman of Tata Sons, on February 13 and 14.

If Mistry fails to argue the case, NCLT will dismiss the case.

Mistry was ousted as chairman of Tata Sons on October 24 following a boardroom tussle, with chairman emeritus Rata Tata taking over as interim chairman.

N Chandrasekaran, the former CEO of TCS was announced the next Chairman of Tata Sons on January 13 and takes over as the role formally on February 21.