Indian Hotels convenes EGM on 20 December to seek Cyrus Mistry removal

The Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.

PTI November 21, 2016 18:25:44 IST
Indian Hotels convenes EGM on 20 December to seek Cyrus Mistry removal

New Delhi: Tata Group's hospitality arm Indian Hotels today decided to convene an extra-ordinary general meeting of shareholders on 20 December  to consider removal of Cyrus Mistry as director of the company.

Indian Hotels convenes EGM on 20 December to seek Cyrus Mistry removal

Cyrus Mistry. Reuters

In a statement issued to bourses today, the company said its board, which met today, has "decided to convene an extra-ordinary general meeting to pass an ordinary resolution for removal of C P Mistry as director of the company".

Tata Sons holds 28.01 per cent of share capital of Indian Hotels Co Ltd (IHCL).

"The board of directors of the company, at its meeting held on November 21 has pursuant to the special notice and requisition dated 9 November sent by Tata Sons, shareholder of the company holding 28.01 percent of the paid-up equity share capital of the company... decided to convene an EGM to consider and if thought fit, to pass an ordinary resolution for removal of C P Mistry as director of the company," IHCL said in a filing to BSE.

The EGM will be held on Tuesday, 20 December, 2016 in Mumbai, it added. Mistry continues to be the chairman of IHCL.

The Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.

The EGM comes after the company's board of directors on 4 November supported Mistry's leadership and continuance as chairman of the company.

In a sudden and dramatic turn of events last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the
interim, triggering a confrontation between the single-largest shareholder and the Tatas.

After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India's largest conglomerate, promoter Tata Trust is looking at removing him from the operating companies as well.

In the days that followed, Mistry was removed as Chairman of Tata Global Beverages, besides TCS. He continues to be chairman of IHCL, Tata Motors and Tata Chemicals.

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