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Ousted Tata Group chairman Cyrus Mistry resigns as director, says Tata Power

Tata Power On Tuesday Confirmed That Ousted Tata Sons Group Chairman Cyrus Mistry Has Resigned As Director Of The Company With Immediate Effect

PTI | Updated on: 20 Dec 2016, 06:30:10 PM
Cyrus Mistry - File Photo

New Delhi:

Tata Power on Tuesday confirmed that ousted Tata Sons group chairman Cyrus Mistry has resigned as director of the company with immediate effect, ahead of the extraordinary general meeting next week for his removal from the board.

"Cyrus Mistry has resigned as Director of the company with immediate effect," Tata Power said in a BSE filing today, citing a communication sent by him to the company on December 19.

After an eight-week bitter boardroom battle, ousted Tata Group Chairman Cyrus P Mistry has quit from the boards of six listed companies including Tata Motors and Indian Hotels on Monday.

In a two-page statement and a recorded video message, Mistry, who was unceremoniously removed as Chairman of Tata Sons on October 24, said the objective of effective reform and best interests of employees, shareholders and other stakeholders of the Tata Group "would be better served by moving away from the forum of the extraordinary general meetings".

Earlier, Tata Power had informed the BSE about holding an Extraordinary General Meeting (EGM) on Monday in Mumbai to consider the resolution for removal of Mistry as director of the firm.

Tata Consultancy Services has already voted to remove Mistry from the board, while two unlisted firms including Tata Industries too have removed him.

In separate regulatory filings yesterday, operating companies, including India Hotels, Tata Motors and Tata Steel said Mistry has resigned from their respective boards with immediate effect.

Even though being replaced as chairman of Tata Sons on October 24, Mistry continued to be on board of the operating companies, including heading some of them.

Following his refusal to step down from the board of operating companies, Tata Sons had asked the operating companies to call for EGM.
Tata Sons, the holding company of the USD 103 billion group, has called EGMs of listed companies to consider its proposal to remove Mistry as director on their board.

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First Published : 20 Dec 2016, 06:19:00 PM

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