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The bitter boardroom war in the Tata Group escalated further as Tata Sons, which holds 73.3% in Tata Consultancy Services (TCS), removed Cyrus Mistry as chairman of the infotech giant. It also called for extraordinary general meetings (EGMs) of shareholders to evict Mistry from the boards of TCS+ and Indian Hotels Company Ltd, which runs the Taj chain.
In This Pic : Cyrus Mistry
Pic Courtesy : PTI
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2/9
However, Cyrus Mistry received a shot in the arm after the independent directors of Tata Chemicals backed him as the company's chairman on Thursday. Tata Chemicals is the second company after Indian Hotels where independent directors have supported Mistry.
In This Pic : Cyrus Mistry
Pic Courtesy : PTI
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3/9
On Wednesday night, Tata Sons nominated Ishaat Hussain as chairman of TCS, the crown jewel of the country's largest private conglomerate.This came even as Bombay House, headquarters of the $108 billion group, sought clearance from shareholders to axe Mistry from the board of all seven listed companies on which he serves. Notices calling for EGMs in five other companies — Tata Motors, Tata Steel, Tata Global Beverages, Tata Chemicals and Tata Power — will be issued in the coming days.
In This Pic : Cyrus Mistry
Pic Courtesy : PTI
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4/9
Any shareholder with at least 1% of total voting rights in a company can call an EGM to remove a director, but a majority of shareholders have to support the proposal. Mistry's sacking as TCS chairman will go thro ugh even if public shareholders vote against it, since Tata Sons holds an overwhelming majority in the company. But it may not prove as easy in the other six listed companies, where the promoters' holding varies between 30 and 39%. The vote of institutional investors will be decisive in these companies.
In This Pic : Cyrus Mistry
Pic Courtesy : PTI
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5/9
Cyrus Mistry has refused to quit the boards of operating companies after he was sacked as chairman of Tata Sons on October 24, staying defiant with the backing of some independent directors. Since Mistry has the support of a majority of directors on the IHCL board, replacing him as chairman will be difficult for Tata Sons. So, the Tatas, who hold 38.7% in IHCL, moved a resolution for an EGM to remove him as director. To remain chairman, the person has to be a director on the company's board. Mistry, in turn, will get a chance to defend himself at the EGM.
In This Pic : Cyrus Mistry
Pic Courtesy : PTI
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