JOIN US Cyrus Mistry was on Monday unanimously voted out as director of Tata Sons, the holding company of the salt-to-software conglomerate.
Mistry (48) was removed unceremoniously from the chairman’s post on October 24, 2016, and replaced by patriarch Ratan Tata, who assumed the role of interim chairman. On January 12, the board of directors appointed N Chandrasekaran as executive chairman. He will take charge on February 21.
“The shareholders of Tata Sons, at the extraordinary general meeting (EGM) held on Monday, passed, with the requisite majority, a resolution to remove Cyrus P Mistry as a director of Tata Sons,” a statement said.
According to sources, the EGM was attended by key board members, including Ratan Tata, N Chandrasekaran, Ajay Piramal and Noel Tata. Mistry’s brother-in-law Noel voted in favour of the proposal, the sources said.
The exit of Mistry from the board was a foregone conclusion as Tata Trusts holds more than 66% in Tata Sons, while the Mistry family has a tad over 18%.
The Mistry family had acquired stakes in Tata Sons in 1965. Mistry joined Tata Sons as director in 2006 and was appointed chairman in 2012.