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Tata Steel removes Cyrus Mistry as chairman

Reuters  |  MUMBAI 

By Promit Mukherjee

(Reuters) - said it removed as at a special board meeting on Friday, the third group company to depose him since his ouster as head of the conglomerate's holding company.

Mistry was ousted as of holding company Sons in a boardroom coup in October after the company criticised his performance.

Since then both Mistry and Sons have been involved in a war of words blaming each party for problems in the $100-billion salt-to-software conglomerate.

The board, in a statement, also said on Friday that it would hold an extraordinary general meeting (EGM) on Dec. 21 to remove Mistry and independent director Nusli Wadia as directors on the board.

Mistry was removed earlier this month as of Global Beverages, which co-owns and runs Starbucks stores across India, and as of Consultancy Services, India's biggest software company and a cash cow of the group.

A source close to Mistry said in a statement that removing him as of was a "new low" in the corporate governance standards of the group and said representatives of Sons were behind the decision.

O P Bhatt, independent director on the board of and former head of State Bank of India, has been elected as of the board of until the outcome of the EGM, the company said.

"The board appointed the independent director as the keeping in mind principles of good corporate governance," it said.

Consultancy Services, as well as Motors, which owns the Jaguar Land Rover brand, and Indian Hotels Co Ltd, which runs the Taj group of hotels, have also called for EGMs in December to remove Mistry as directors of their companies.

Sons had criticised Mistry's performance and accused him of being responsible for rising expenses and impairment provisions and falling dividends.

Mistry sought to defend his record at Sons in a statement on Nov. 15 and said allegations that he oversaw rising expenses and impairment provisions were "another brazen attempt to mislead the public and shareholders."

(Reporting by Promit Mukherjee; Editing by Susan Fenton)

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

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Tata Steel removes Cyrus Mistry as chairman

MUMBAI (Reuters) - Tata Steel said it removed Cyrus Mistry as chairman at a special board meeting on Friday, the third Tata group company to depose him since his ouster as head of the conglomerate's holding company.

By Promit Mukherjee

(Reuters) - said it removed as at a special board meeting on Friday, the third group company to depose him since his ouster as head of the conglomerate's holding company.

Mistry was ousted as of holding company Sons in a boardroom coup in October after the company criticised his performance.

Since then both Mistry and Sons have been involved in a war of words blaming each party for problems in the $100-billion salt-to-software conglomerate.

The board, in a statement, also said on Friday that it would hold an extraordinary general meeting (EGM) on Dec. 21 to remove Mistry and independent director Nusli Wadia as directors on the board.

Mistry was removed earlier this month as of Global Beverages, which co-owns and runs Starbucks stores across India, and as of Consultancy Services, India's biggest software company and a cash cow of the group.

A source close to Mistry said in a statement that removing him as of was a "new low" in the corporate governance standards of the group and said representatives of Sons were behind the decision.

O P Bhatt, independent director on the board of and former head of State Bank of India, has been elected as of the board of until the outcome of the EGM, the company said.

"The board appointed the independent director as the keeping in mind principles of good corporate governance," it said.

Consultancy Services, as well as Motors, which owns the Jaguar Land Rover brand, and Indian Hotels Co Ltd, which runs the Taj group of hotels, have also called for EGMs in December to remove Mistry as directors of their companies.

Sons had criticised Mistry's performance and accused him of being responsible for rising expenses and impairment provisions and falling dividends.

Mistry sought to defend his record at Sons in a statement on Nov. 15 and said allegations that he oversaw rising expenses and impairment provisions were "another brazen attempt to mislead the public and shareholders."

(Reporting by Promit Mukherjee; Editing by Susan Fenton)

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

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Business Standard
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Tata Steel removes Cyrus Mistry as chairman

By Promit Mukherjee

(Reuters) - said it removed as at a special board meeting on Friday, the third group company to depose him since his ouster as head of the conglomerate's holding company.

Mistry was ousted as of holding company Sons in a boardroom coup in October after the company criticised his performance.

Since then both Mistry and Sons have been involved in a war of words blaming each party for problems in the $100-billion salt-to-software conglomerate.

The board, in a statement, also said on Friday that it would hold an extraordinary general meeting (EGM) on Dec. 21 to remove Mistry and independent director Nusli Wadia as directors on the board.

Mistry was removed earlier this month as of Global Beverages, which co-owns and runs Starbucks stores across India, and as of Consultancy Services, India's biggest software company and a cash cow of the group.

A source close to Mistry said in a statement that removing him as of was a "new low" in the corporate governance standards of the group and said representatives of Sons were behind the decision.

O P Bhatt, independent director on the board of and former head of State Bank of India, has been elected as of the board of until the outcome of the EGM, the company said.

"The board appointed the independent director as the keeping in mind principles of good corporate governance," it said.

Consultancy Services, as well as Motors, which owns the Jaguar Land Rover brand, and Indian Hotels Co Ltd, which runs the Taj group of hotels, have also called for EGMs in December to remove Mistry as directors of their companies.

Sons had criticised Mistry's performance and accused him of being responsible for rising expenses and impairment provisions and falling dividends.

Mistry sought to defend his record at Sons in a statement on Nov. 15 and said allegations that he oversaw rising expenses and impairment provisions were "another brazen attempt to mislead the public and shareholders."

(Reporting by Promit Mukherjee; Editing by Susan Fenton)

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

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Business Standard
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