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