Mumbai: Cyrus Mistry was on Monday removed as the Director of Tata Industries after shareholders voted in an Extraordinary General Meeting, intensifying the board room battle that has engulfed the $100 billion Tata group.
“Tata Industries, at its extraordinary general meeting on December 12, 2016, removed Cyrus P Mistry, as a director of the company. Hence, he also has ceased to be the chairman of the company," the company said in a statement.
Tata Sons, the holding company for the conglomerates listed and unlisted firms, sent a letter to shareholders last week seeking their support for the removal of Mistry as director from group firms in a series of EGMs to be held starting today.
The sharply worded letter signed by Ratan Tata cited the “disruptive” Cyrus Mistry’s “hostility” towards Tata Sons as a reason for seeking his removal. Ratan Tata further claimed in the letter that several attempts to remediate the situation went unheeded and Mistry was offered an opportunity to step down voluntarily, which he rejected.
Tata Industries is a subsidiary of Tata Sons. Several Tata companies, including Tata Motors, Tata Power, Tata Steel, hold equity in the company.
(With PTI inputs)
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