MUMBAI: Tata Sons has called for an extraordinary general meeting (EGM) of its shareholders on Februrary 6 to remove Cyrus Mistry, its ousted chairman, from the company’s board as a director.
If removed from the post of director of Tata Sons, the holding company, Mr. Mistry would be stripped of all executive and non executive roles of the Tata Group. Tata Group spokesperson confirmed the move and said the EGM of shareholders is being called for removal Mr. Mistry’s ouster. “This was decided on the requisition of some of the Tata Sons shareholders.”
The move comes as Mr. Mistry, through his investment firms, has petitioned the National Company Law Tribunal (NCLT) seeking dissolution of the board of Tata Sons, in which Mr. Mistry's family has 18.4 per cent stake.
Since Tata Trusts hold a majority stake (66 per cent) in Tata Sons, the proposal to oust Mr. Mistry from its board is expected to sail through and Mr. Mistry's family may remain a passive investor in Tata Sons.
