Shareholders of Tata Sons on Monday voted to remove Cyrus Mistry as director. They passed the resolution to remove him from the conglomerate’s board with “the requisite majority”, at an extraordinary general meeting.
The National Company Law Appellate Tribunal on Friday had dismissed Mistry’s plea seeking to stall the shareholders’ meeting. Mistry had been part of the board despite his sudden ouster from the top Tata Sons position on October 24, 2016.
Earlier, the tribunal had refused to grant a stay on his removal after three petitions were filed with the Mumbai court. The main plea was filed on December 20 last year by two investment firms controlled by Mistry’s family – Cyrus Investments and Sterling Investment Corp. They had accused Tata Sons of bad practices, oppression and mismanagement.
In the petition, they had urged the Mumbai court to direct the holding company not to remove Mistry (who was ousted as Tata Sons’ chairperson on October 24) from its board until the plea was disposed of.
Mistry had stepped down from all Tata Group companies on December 19, alleging that Ratan Tata had staged “an illegal coup” the day he was sacked from his post in Tata Sons. The holding company had accused Mistry of misleading the 2011 selection committee set up to appoint Ratan Tata’s successor.
On January 12, Natarajan Chandrasekaran was named the next chairperson of Tata Sons. The Tata Consultancy Services chief will take over from Interim Chairman Ratan Tata on February 21.