Mistry, Wadia to contest removal from Tata Motors

November 28, 2016 01:58 am | Updated 01:58 am IST - New Delhi:

Hardening their position against Tata Sons, ousted chairman Cyrus Mistry and independent director Nusli Wadia, who has been backing him, will contest the proposal to remove them from the board of Tata Motors by making separate representation to “members of the company”.

In a regulatory filing, Tata Motors said it has called extraordinary general meeting (EGM) on December 22 to consider resolutions moved by their holding company, Tata Sons, seeking removal of Mr. Mistry and Mr. Wadia.

Tata Motors said Mr. Mistry and Mr. Wadia “intend to provide a separate representation to be sent to the members of the company”.

In a regulatory filing on Saturday, Tata Steel and Tata Chemicals said Mr. Cyrus Mistry and Mr. Nusli Wadia intend to make representation to shareholders in respect of their removal.

Tata Sons holds 26.51 per cent stake in Tata Motors.

Mr. Mistry, who was on October 24 abruptly removed as chairman of Tata Sons, the holding company of the $ 103-billion salt-to-software conglomerate, was voted out as chairman of Tata Steel on November 25.

Despite being removed as Chairman of Tata Sons, he continues to head some group firms and is on boards of many.

While the chairman can be removed by board of directors, removal of a director can only be done by shareholders. So, Tata Sons, which brought back Ratan Tata after removing Mr. Mistry last month, is seeking to remove him from group firms too one after another. He has already been ousted as chairman of Tata Consultancy Services (TCS) and Tata Global Beverages Ltd. — PTI

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