Tata Motors' independent directors next in line to back Cyrus Mistry
The indepent directors said that decisions were taken by the Chairman and the management in consultation with the board.
In yet another twist to the Tata-Cyrus Mistry spat the independent directors have confirmed all decisions were taken by the board unanimously.
The independent directors have confirmed that all the decisions taken by the Board with regards to the strategy, operations and business of the Company have been unanimous and executed by the Chairman and the management accordingly, a statement from the company said.
It independent directors further said that Tata Motors continues to be governed, supervised and managed under the guidance and direction of the Board.
“The management of the Company and its subsidiaries have the full confidence and support of the independent directors,” it further said.
It said that the independent directors of Tata Motors met to consider and review the impact and significance of recent events and media reports relating to the governance, management and business of the Company.
This shows that the independent directors have backed Mistry amidst the boardroom turmoil. It was earlier known that Nusli Wadia, one of the independent directors, would back Mistry as the Chairman.
The other independent directors of Tata Motors includes R A Mashelkar, Subodh Bhargava, Nasser Munjee, V K Jairath and Falguni Nayar.
This comes after the independent directors of Indian Hotels and Tata Chemicals too backed Mistry as the Chairman of the company.
Tata Motors on Monday registered a consolidated net profit of Rs 848 crore as compared to net loss of Rs 1,740 crore during the same period last year.