Tata Chemicals calls EGM to remove Cyrus Mistry, Nusli Wadia as directors

New Delhi: Tata Chemicals Ltd has called an extraordinary general meeting (EGM) on December 23 to seek shareholders' approval for removing Cyrus Mistry and Nusli Wadia as directors of the company.

Ousted from Tata Sons, Mistry continues a Chairman of the group firm Tata Chemicals.

Tata Chemicals calls EGM to remove Cyrus Mistry, Nusli Wadia as directors

Cyrus Mistry. AP

Tata Sons, the company's promoter with 19.35 percent stake, had asked Tata Chemicals on November 10 to convene an EGM for passing a resolution for removal of Mistry and Wadia as directors.

Tata Sons' notice came after the chemicals firm issued a statement that its independent directors on board reposed faith in Mistry's leadership.

In a filing to the BSE, Tata Chemicals informed that the Board, at its meeting held today, decided to convene an EGM "to consider and if thought fit, to pass an ordinary resolution for removal of CP Mistry and Nusli Wadia as directors of the company".

It has also received two notices dated November 16 under Section 160 of the Companies Act, 2013 from Tata Sons, "signifying their intention to propose the candidatures of Bhaskar Bhat and S Padmanabhan to the office of director of the company at the ensuing EGM".

"Accordingly, the proposal for their appointment will also be included in the EGM Notice," it added.

The EGM will be held on December 23 in Mumbai.

Tata Sons yesterday asked shareholders of its most successful company TCS to remove Mistry as director from the Board as he had caused "enormous harm" even as another group firm IHCL called shareholders' meet for the same purpose.

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.

Returning to Tata Sons after the abrupt removal of Mistry, Ratan Tata has moved quickly to consolidate his grip over the USD 103 billion salt-to-software group by seeking to remove the ousted chairman from boards of group firms.

While TCS has called an EGM on December 13, Indian Hotels Co Ltd has convened it on December 20.

Even after being removed as chairman of Tata Sons - the holding company of the Tata Group, Mistry continues to head the group's several listed firms including Tata Motors, Tata Power, Tata Steel and Tata Chemicals.

Tata Chemicals is a global company with interests in businesses like chemicals, fertilisers and salt.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Nov 22, 2016 20:03:07 IST