In a significant development, shareholders have removed former chairman Cyrus Mistry from the board of Tata Sons. At an extraordinary general body meeting held here on Monday, shareholders of the $103-billion salt-to-software conglomerate passed a resolution with the requisite majority to remove him as a director. This has effectively ended the Shapoorji Pallonji Mistry group’s representation in any of the Tata group firms.
The move comes after the National Company Law Appellate Tribunal rejected an appeal by Mr. Mistry’s investment firms against the shareholder meeting called by Tata Sons to seek his removal. “The shareholders of Tata Sons Ltd., at the extraordinary general meeting, passed, with the requisite majority, a resolution to remove Mr. Cyrus P. Mistry as a Director of Tata Sons Ltd.,” said a Tata Sons statement. Tata Trusts, which holds 66% stake, voted in favour of the resolution. Mr. Mistry’s family investment firms, which hold 18.4% stake in Tata Sons, voted against.
