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Cyrus Mistry removed as Tata Industries director, chairman

Cyrus Mistry Was On Monday Removed As Director Of Tata Industries Following Shareholders’ Vote, The First Such Instance Of The Embattled Executive Being Ousted From The Board Since His Removal As Tata Group Chairman.

PTI | Updated on: 12 Dec 2016, 12:15:59 PM
Cyrus Mistry removed as Tata Industries director, chairman (Getty Image)

Mumbai:

Cyrus Mistry was on Monday removed as director of Tata Industries following shareholders’ vote, the first such instance of the embattled executive being ousted from the board since his removal as Tata Group chairman.

Mistry also ceases to be the chairman of the company following his removal as director, Tata Industries said.

“Tata Industries, at its extraordinary general meeting on December 12, 2016, removed Cyrus P Mistry, as a director of the company. Hence, he also has ceased to be the chairman of the company,” it said.

Also read | Ousted Tata Group chairman Cyrus Mistry links former Defence Secretary Vijay Singh to VVIP chopper scam

Mistry was abruptly ousted as chairman of Tata Sons— the holding company of the USD 103 billion salt-to-software conglomerate—on October 24. Since then, interim Chairman Ratan Tata has moved to consolidate his position by seeking to remove Mistry from boards of key listed firms.

EGMs of listed companies, which have been called to consider Tata Sons’ proposal to remove Mistry as director from their boards, are lined up throughout the month.

The board of Tata Industries, post the EGM, comprises, KRS Jamwal, R Bhinge, Ireena Vittal, Ashish Dhawan, N Srinath, and F N Subedar.

Also read | Mistry hits out at Ratan Tata, says his predecessor's conduct has eroded Tata brand and values materially

Tata Industries is a subsidiary of Tata Sons. Several Tata companies, including Tata Motors, Tata Power, Tata Steel, hold equity in the company.

Tata Industries’ main activities are to promote Tatas’ entry into new businesses and invest in operating companies to facilitate growth.

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First Published : 12 Dec 2016, 12:10:00 PM

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