Tata Steel’s board on Friday voted to replace its parent company’s ousted chairperson Cyrus Mistry with independent director OP Bhatt as its interim chief, PTI reported. The board also passed a resolution to dismiss Mistry and Nusli N Wadia as the company’s directors. Officials said an Extraordinary General Meeting will be held on December 21 to finalise their removal. Mistry and Wadia were at the meeting, MoneyControl reported.
A pressnote issued by the company said, “The board appointed the independent director as chairman keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM.” Bhatt is a former State Bank of India chairperson.
Mistry was ousted as chairperson on October 24. The Tata Group has accused Mistry of being responsible for its dwindling revenue. In a letter to his employees, interim chairperson Ratan Tata had said the decision to sack Mistry was “absolutely necessary” for the group’s success.