Tata Steel replaces Cyrus Mistry as chair­man; bat­tle set to heat up

THE TATAS VS MISTRY SAGA

Hindustan Times ST (Mumbai) - Live - - FRONT PAGE - HT Correspondent

MUM­BAI: 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 deci- Tata Steel is the third group firm to re­move Mistry as the chair­man. First, TCS re­moved him as the chair­man, but that ouster was not through a vote, but by virtue of Tata Sons hold­ing a com­mand­ing 73.26% stake in the firm. On Nov 15, seven out of 10 board mem­bers of Tata Global Bev­er­ages voted him out.

sion that was passed by ma­jor­ity con­sent. The devel­op­ment could likely deepen the lead­er­ship cri­sis at Bom­bay House, head­quar­ters of theTat­a­con­glom­er­ate,that­was 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 con­veneEGMs­toousthi­mas­di­rec­tor.

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