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