Tata Sons' shareholders vote to remove Mistry as a Director

Industrial conglomerate Tata Group's holding company Tata Sons said that a majority of its shareholders have voted to remove Cyrus Mistry as a Director on its Board during an extraordinary general meeting (EGM) held here on Monday.

"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.

Tata Sons' Board had ousted Mistry on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.

However, Mistry still remained as a Director on the Board of the holding arm of the $100 billion-plus group.

Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry's family holding over 18 per cent interest.

The development comes after the National Company Law Appellate Tribunal (NCLAT) on last Friday had dismissed Mistry's plea for an injunction against Monday's EGM.

The petition for injunction against the EGM was moved by Mistry's investment companies -- Cyrus Investment and Sterling Investment Corp. -- on last Thursday.

--IANS

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