Tata Teleservices removes Mistry as a Director
Mumbai: Tata Teleservices (Maharashtra) on Wednesday removed Tata Sons’ ousted Chairman Cyrus Mistry from its board of Directors. The company took the decision at an extra-ordinary general meeting (EGM) which was called on the special notice and requisition made by the Tata Sons on November 9.
“The EGM was held today and the ordinary resolution was passed unanimously as a result of which C.P.Mistry has ceased to be a Director and consequently Chairman of the company with immediate effect,” the company said in a regulatory filing to the stock exchanges.
According to sources close to Mistry: “Tata Teleservices like TCS (Tata Consultancy Services) entails a supermajority ownership by the Tata Group currently under the control of RNT (Ratan Tata).”
“This outcome was foregone. Being a closely-held company, the outcome isn’t surprising at all.”
The ouster comes a day after more than 93 per cent shareholders of TCS voted to remove Mistry as a Director of the company in an EGM which was held on Tuesday. Earlier, Tata Industries removed Mistry from its board of directors. The company had taken the decision at its EGM held on Monday.
Several other Tata Group companies have called EGMs to decide whether or not to remove Mistry from their respective boards. Tata Sons had earlier asked Mistry to follow his own assertions on corporate governance and step down from the boards of Tata companies. Tata Sons board had ousted Mistry on October 24 and appointed Ratan Tata as the interim Chairman.