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Tata group initiates steps to dislodge Cyrus Mistry from operating companies
Tata Sons board is reported to be initiating measures to displace Cyrus Mistry from the chairmanship of the Tata Group companies through due procedure.
Zee Media Bureau
New Delhi: Tata Sons board is reported to be initiating measures to displace Cyrus Mistry from the chairmanship of the Tata Group companies through due procedure.
“Ideally, he (Mr. Mistry) should step down on his own and exit honourably. That is our wish,” The Hindu reported quoting a senior Tata Sons executive who did not want to be named. “Otherwise, the due procedure to remove him from the boards of group companies will kick in. Now that he has lost the confidence of the Tata Sons board, he should step down from operating companies,” the executive added.
Cyrus Mistry is still the Chairman of operating companies: Tata Consultancy Services, Tata Motors, Tata Steel, Tata Power, IHCL, Tata Teleservices, Tata Global Beverages, and Tata Chemicals.
A Director is appointed or removed as per the Section 169 of the Companies Act 2013 by shareholders pursuant to a resolution moved in a general body meeting.