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Tata Power calls EGM on Dec 26 to remove Mistry from board

Press Trust of India  |  Mumbai 

today called extraordinary general meeting (EGM) on December 26 to seek shareholders' approval to remove as a director of the largest integrated private power company in the country. Though ousted from Tata Sons as chairman on October 24, Mistry continues to be the chairman of Tata Sons, the company's promoter with 31.05 per cent stake, had asked to convene an EGM for passing a resolution for removal of Mistry as a director from the board. The company has 12 directors, out of which six are independent. Apart from Mistry, the directors on the board are: Homiar S Vachha, Nawshir H Mirza, Deepak M Satwalekar, Ashok K Basu, Pravin H Kutumbe, Sandhya S Kudtarkar, Anjali Bansal, Vibha Padalkar, Sanjay Bhandarkar, Anil Sardana (managing director and CEO), and Ashok S Sethi. Of these, Vachha, Mirza, Bansal, Satwalekar, Padalkar and Bhandarkar are independent directors. In a filing, informed that the board, at its meeting held today, decided to convene the EGM to consider the removal of Mistry from the board. The EGM will be held on December 26 in Mumbai. Last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the interim, triggering a confrontation between the single-largest shareholder and the Tatas. Returning to Tata Sons after the abrupt removal of Mistry, Ratan Tata has moved quickly to consolidate his grip over the USD 103 billion salt-to-software group by seeking to remove the ousted chairman from boards of group firms. Among the Tata group companies, TCS has called an EGM on December 13, while Indian Hotels has convened it on December 20.

The other group companies which will hold similar EGMs, include on December 22, on December 21 and on December 23. One of the independent directors told PTI that the board meeting was routine in nature and did not take up any particular resolution on removing Mistry. But he was quick to add that for the company everything depends on what Tata Sons decides especially on the management aspects. A statement from the Mistry camp said: "Mistry chaired today's board meeting of without any contest." The statement did not elaborate, nor did the Tata Group, on the meeting.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 20:57 IST