LATEST NEWS – Shareholders of Tata Sons voted to oust Cyrus Mistry, its former Chairman, as a director from the company in an extraordinary general meeting held today afternoon in Bombay House – the headquarters of the $103-billion revenue Tata group with requisite majority.
The meeting was attended by Tata Sons Interim Chairman, Ratan Tata, N Chadrasekaran, who will take over as Tata Sons chairman on February 21st and other Tata Sons directors including Ajay Piramal. Mistry did not attend the meeting.
“The shareholders of Tata Sons Limited, 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 Ltd,” said a Tata Sons statement soon after the EGM was over.
The exit of Mistry from the board was a foregone conclusion as the Tata trusts hold 66% stake in the company while the Tata group companies hold another 14% stake. The Mistry family owns 18.5% stake in the company. READ MORE