Tata Sons convenes EGM to oust Mistry as director

Meeting to be held on Feb 6

Tata Sons convenes EGM to oust Mistry as director

After ousting him as the chairman nearly two-and-a-half-months back, Tata Sons has now called for an extraordinary general meeting (EGM) to oust Cyrus Mistry as a director.

“Tata Sons has convened an EGM on February 6 on requisition received from few shareholders,” a Tata group spokesperson told DH.

“Subsequent to his replacement, Mistry has made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons and its board of directors, but also on the Tata group as a whole. Internal communications, including confidential, were made public. Mistry's conduct has caused enormous harm to the Tata group and its stakeholders, including employees and shareholders,” Tata Sons said in a note for extraordinary general meeting (EGM).

The ousted chairman’s conduct, it said, “resulted in significant erosion of the market value of the Tata group companies, which has consequently resulted in harm to Tata Sons and indirectly losses to its shareholders”.

Despite being removed as the chairman of Tata Sons, Mistry continues to be a director of the company. Following his ouster as chairman of Tata Sons, TCS and Tata Global Beverages removed Mistry as the chairman.

After this, TCS shareholders voted in favour of removing Mistry as a director of the company. Mistry later decided to resign from the directorship of all listed Tata group companies but dragged Tata Sons and Ratan Tata to the National Company Law Tribunal challenging his removal.

 Tata Sons is the promoter of the major operating Tata companies. Tata companies are commonly referred to as the Tata group and the chairman of Tata Sons as chairman of the Tata group.

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