Tata Steel replaces Cyrus Mistry as chair­man; bat­tle set to heat up THE TATAS VS MISTRY SAGA

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Correspondent ht­metro@hin­dus­tan­times.com

Tata Steel on Fri­day re­placed Cyrus Mistry as its chair­man, in­duct­ing for­mer SBI chief OP Bhatt as the in­terim head till De­cem­ber 21 when an ex­tra­or­di­nary gen­eral meet­ing has been con­vened.

The de­ci­sion was taken un­der a spe­cial pro­vi­sion un­der the Com­pa­nies Act where the board can, in spe­cial cases, de­cide on items not spec­i­fied ear­lier and where it is not pos­si­ble to wait till the next meet­ing.

Mistry, who was present at the board meet­ing, con­tested the de­ci­sion that was passed by ma­jor­ity con­sent. The devel­op­ment could likely deepen the lead­er­ship cri­sis at Bom­bay House, head­quar­ters of the Tata con­glom­er­ate, that was sparked af­ter Tata Sons, the hold­ing com­pany voted out Mistry as group chair­man on Oc­to­ber 24.

Mistry, who con­tin­ues to be chair­man of sev­eral group com­pa­nies, has com­pounded the sit­u­a­tion by ral­ly­ing the sup­port of in­de­pen­dent di­rec­tors of group firms, prompt­ing the Tatas to con­vene EGMs to oust him as di­rec­tor.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.