Tata Motors calls EGM to remove Cyrus Mistry, Nusli Wadia

Reacting to the development, Wadia sent yet another letter to Tata Sons asking the board of directors to withdraw the Special Notice on convening the shareholders meeting and “allegations against” him.

By: ENS Economic Bureau | Mumbai | Published:November 24, 2016 1:40 am

Tata Motors has called an extraordinary general meeting (EGM) on December 22 to seek shareholders’ approval for removing Cyrus Mistry and Nusli Wadia as directors of the company. Reacting to the development, Wadia sent yet another letter to Tata Sons asking the board of directors to withdraw the Special Notice on convening the shareholders meeting and “allegations against” him.

Tata Motors informed the stock exchanges that “the board of directors of the company, at its meeting held on November 23, has pursuant to the Requisition and Special Notice dated November 10 received from Tata Sons, promoter and shareholder of the company, decided to convene an EGM to consider and if thought fit, pass an ordinary resolution for removal of Cyrus P Mistry and Nusli Wadia as Directors of the company”.

“It is apparent that your Special Notice is a reaction to the meeting of the independent directors of Tata Chemicals held on November 10. The Special Notice also seems to be a reaction of to the fact that the independent directors refused to accept an unsigned statement tabled and read out by Bhaskar Bhat asking for the removal of Chairman Cyrus Mistry,” Wadia said.

“If you fail to withdraw the Special Notice within two days, then I shall be at liberty to initiate proceedings ..,” the notice said.