Mumbai: Industrial conglomerate Tata Group's holding company Tata Sons on Monday said that a majority of its shareholders during an extraordinary general meeting (EGM) held here have voted to remove Cyrus Mistry as a Director on its Board.
"The shareholders of Tata Sons, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Cyrus P. Mistry as a Director of Tata Sons," the company said in a statement.
In a dramatic turn to India’s biggest boardroom spat, ousted Tata Sons chairman Cyrus P Mistry on December 19, quit from boards of six key operating companies of the group but not before launching a scathing broadside against Cand vowing to shift his fight to a “larger platform”
Mistry, who had continued to be on boards of operating companies even after his ouster as Chairman of the holding company Tata Sons on October 24, again raked up “breakdown of governance” and questionable dealings including release of more funds to airline venture Air Asia under interim chairman Ratan Tata despite “findings of fraud and wrong-doing”.
Ratan Tata and Noshir Soonawala, Trustees of Tata Trusts, who had retired from Tata Sons after multiple extensions, had refused to give up participation in key decisions involving Tata Sons and the operating companies, thereby “exposing the Tata Group including the Boards of Directors of various listed companies to serious regulatory consequences.”