Tata Sons asks Tata Motors to convene EGM for Cyrus Mistry, Nusli Wadia’s removal

Mistry continues to be chairman of several listed companies of Tata Group even after he was removed as chairmanof the holding company, Tata Sons.

By: PTI | New Delhi | Published:November 11, 2016 4:34 pm
Cyrus mistry, Tata Sons, Tata Motors, Nusli N Wadia, Cyrus Mistry Tata Sons, Cyrus mistry removal Cyrus Mistry in Mumbai on Thursday. (Express Photo: Prashant Nadkar)

Taking estranged former chairman Cyrus P Mistry head on, Tata Sons today sought his removal as well as that of the group’s friend-turned-foe Nusli N Wadia from the board of Tata Motors. Tata Sons, which holds 26.51 per cent stake in Tata Motors, asked the manufacturer of Land Rover to convene an extra-ordinary general meeting of the company to consider its resolution seeking removal of Mistry and Wadia. Mistry continues to be chairman of several listed companies of Tata Group even after he was removed as chairmanof the holding company, Tata Sons.

These companies include 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.

In a regulatory filing, Tata Motors said: “The company has received a requisition and a special notice dated November 10, 2016… from Tata Sons Ltd, the company’s promoter and shareholder representing 26.51% of the company’s voting capital, for convening an extraordinary general meeting of the company for considering and passing resolutions for removal of Cyrus P Mistry and Nusli N Wadia, Directors of the Company under Section 169 of the said Act.”

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  1. A
    alam
    Nov 11, 2016 at 1:13 pm
    India's most respected and dignified group now on the way to RIP
    Reply
    1. J
      JM
      Nov 11, 2016 at 2:08 pm
      Remove all these unwanted elements. Ratan is doing the right thing.
      Reply
      1. S
        sajeev
        Nov 11, 2016 at 1:29 pm
        Was there a bid by Mistry to undermine Tata Sons. Seems so, given how the boards of Tata Chemicals and Indian Hotels have been manited to support Mistry. No wonder Ratan Tata took this drastic step. Seems like an insider takeover bid.
        Reply
        1. R
          Ravishankar
          Nov 11, 2016 at 11:39 am
          Looks like Ratan Tata has really gone bonkers! He made most of the commercially disastrous decisions and is now blaming Mistry! What can Mistry or anyone do if badly crippled companies are given to them! Ishaat hussain beware! Ratan should find out how to get God to be his Group Chairman because only God can save the Tata Group now! God, what a mess Ratan has made of the once most respected, dignified and well manag
          Reply
          1. R
            Ravishankar
            Nov 11, 2016 at 3:27 pm
            Sorry Bharatgas, posted reply by mistake..
            Reply
            1. R
              Ravishankar
              Nov 11, 2016 at 2:34 pm
              Bharat gas, facts are often unpalatable. Try gripe water. And get your head examined!
              Reply
              1. S
                Shyamal Ganguly
                Nov 11, 2016 at 2:52 pm
                House cleaning is necessary. Never get caught living in the same house with your enemies. The same applies to Muslims in India. They all belong to Pakstan, as the country was created specially for them as they wished and more than million Hindu Bengalis and Punjabis and Sidries were macred by Jinnah their leader.
                Reply
                1. B
                  Bharatvasi
                  Nov 11, 2016 at 12:59 pm
                  Hope Ratan Tata has read that saying, "Those whom the Gods want to destroy, They drive them mad first."
                  Reply
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