Mistry skips two key board meets

Mumbai, Nov. 17: Ousted Tata Sons chairman Cyrus Mistry on Thursday skipped two crucial board meetings — of the group’s holding company itself and its crown jewel TCS, which decided to convene a special shareholder meeting next month to remove him from the board.

Tata Sons by virtue of commanding 73.26 per cent stake in Tata Consultancy Services (TCS) last week removed Mistry as the chairman and asked the company to convene an extraordinary general meeting (EGM) of shareholders to consider removing him as a director on the board.

While Mr Mistry skipped the meeting, the family-appointed chairman Ishaat Hussain chaired the meeting and decided to convene the EGM on December 13, TCS said in a regulatory filing.

Besides, Mr Mistry was also not present at Tata Sons’ first board meeting since his removal on October 24.

Even after being removed as chairman of Tata Sons, Mr Mistry continues to head the group’s several listed firms including Tata Motors, Tata Power, Tata Steel and Tata Chemicals.

The Board of Tata Global Beverages Ltd, the Indian partner of Starbucks Coffee, earlier this week voted him out as the chairman.

But he continues to be on its board and can be removed only by a shareholder vote.

Besides TCS, Tata Sons has also asked Indian Hotels Co Ltd, Tata Motors and Tata Chemicals to call EGMs to consider removing Mistry as a director on the board.

Boards of none of these companies have so far decided on the date for EGM and TCS is the first company to fix a date for considering a Tata Sonssponsored resolution to remove him from the board.