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Cyrus Mistry removed as chairman of Tata Steel

In a sudden decision last month, Cyrus Mistry was sacked as the chairman of Tata Sons and replaced by Ratan Tata as the interim chairman.

By: Express Web Desk | New Delhi | Updated: November 25, 2016 8:38 pm
Cyrus Mistry, Ratan Tata, Tata Sons, Mistry Tata Sons, tata Steel, Cyrus Mistry Tata Steel Ousted Tata Sons chairman Cyrus Mistry. (File)

Tata Steel on Friday removed Cyrus Mistry as the chairman of the organisation. Independent Director O P Bhat has been appointed in his place. The board has also decided to convene an extraordinary general meeting (EGM) to remove Mistry and independent director Nusli Wadia as directors on the board of the company. The EGM will be held on December 21.

In a sudden decision last month, Cyrus Mistry was sacked as the chairman of Tata Sons and replaced by Ratan Tata as the interim chairman. “The board of directors through circular resolutions dated November 25, 2016 passed by majority consent, has decided to replace Cyrus P Mistry as chairman of the board with immediate effect and elected O P Bhatt, an independent director as the chairman of the board,” it said in a regulatory filing.

Bhatt, former chairman of India’s largest commercial bank State Bank of India, will serve as chairman till outcome of the EGM, it added. The firm said Bhatt has been appointed the chairman “keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM”.
This decision was taken to also ensure stability to the company and in the larger interest of Tata Steel’s stakeholders, including but not limited to employees, trading partners, financial stakeholders and local community around its operations, it added.

Besides, in a separate filing, the company said its board has convened the EGM on December 21 for removal of Cyrus
Mistry and Nusli Wadia as directors of the company. The board at its meeting held on November 25, 2016, decided to convene an EGM pursuant to the Special Notice & Requisition dated November 10, 2016, received from Tata Sons.
Tata Sons holds 29.75 per cent stake in the firm.

(With inputs from PTI)

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  1. J
    Nov 25, 2016 at 2:25 pm
    Congratulations BRAHMIN MAFIA of TATA!
    1. asif hassan
      Nov 25, 2016 at 2:36 pm
      Now at-least Cyrus should understand what is a Brahman Mafia !!!!! He also recruited them in tonnes in the past !!!!! He has lot many in Shapoorji as well !!!! The sonner he learns the better
      1. K
        Nov 26, 2016 at 12:29 am
        This Ratan Tata saga will not end soon, there are too many skeletons from the previous administration that are a red flag today. Tata is too big to fail and be caught by the Judiciary, unfortunately his name is dragged into the muck. Ratan could have eased out Cyrus rather than create so much bad blood. No one is honest in India, especially the industries and owners, for they have to bribe their way for all the business deals. I hope Cyrus will reveal the politicians who were behind the big bribery scandals.
        1. K Chatterjee
          Nov 25, 2016 at 11:08 pm
          What is Brahman Mafia in Tata Sons? Ratan Tata himself is Parsi. He appointed Mistry, another Parsi to succeed Tata Empire, since Ratan Tata is a bachelor and has no children. Ratan Tata didn't want his business to fall into the hands of Hindus. But Mistry is hard-nosed and not driven by sentiments. Very few Tata companies are front line today. TCS is one. Where ever Ratan poked his nose, that company slid down in performance and profitability, e,g..telecom, automobile, steel etc.
          1. D
            Nov 26, 2016 at 12:16 am
            The guy below. Do you understand modern corporate practices. You hire best talent. It was Ratan Tata who hired Cyrus a fellow Parsi. Ratan Tatas business credentials are for all to see. Tata business is on a slippery slope. This 70 year behomoth doesn't have a single stand out product. Be it autos, telecom or steel. Ratan Tata purchased Corus Steel for 12 billion which could be purchased for 6 billion. ( This is on record ) Corus Steel is a European loss making dinosaur with high labor cost and little automation. For steel business to survive in the West it got to have high automation and fuel subsidies.lt;br/gt;Ratan Tata is a old British loyalists. A stooge for economic warfare and espionage for the West. Hence they embrace him.
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