Tata Industries, at its Extraordinary General Meeting on Monday, removed former Tata Sons chairman Cyrus P. Mistry, as director in the company.
Hence, he has also ceased to be the chairman of the company. A Tata Sons spokesperson confirmed the development.
Tata Industries is a subsidiary of Tata Sons, which is a majority shareholder. Several Tata companies, including Tata Motors, Tata Power, Tata Steel, hold equity in the company. These shareholders met at the EGM in Bombay House and unanimously voted Mr. Mistry out. This was on expected lines, said people familiar with the development.
Mr. Mistry did not attend the meeting.
Tata Industries’ main activities are to promote the Tatas’ entry into new businesses and to invest in operating companies to facilitate growth.
The Board of Tata Industries, post the EGM, comprises K.R.S. Jamwal, R. Bhinge, Ireena Vittal, Ashish Dhawan, N. Srinath, and F.N. Subedar.
TCS has called for an EGM on Tuesday to remove Mr. Mistry as a director. Five more Tata Group companies have lined up their respective EGMs later this month to remove Mr. Mistry as director from their boards.