Tata Sons calls EGM on February 6 to oust Cyrus Mistry
Tata Sons has called for an extraordinary general meeting (EGM) on February 6 to oust Cyrus Mistry from the company’s board of directors, sources said on Friday.
The board said that it is of the view that the integrity of the board proceedings is being jeopardised by Mistry’s continuation as a director.
This would be more challenging than the EGMs of the group companies as Shapoorji Pallonji, a company promoted by Mistry’s family, is the single largest shareholder of Tata Sons with 18.4% stake, a report by Business Standard said.
Mistry was ousted as the Tata group chairman on October 24 and was replaced by Ratan Tata as interim chairman.
The group gave a deadline of four months to replace Mistry with a new chairman, of which no new developments have taken place.
While Mistry became the chairman of Tata Sons in December 2012, he has been on the Tata Sons board since 2006.
Mistry's term as Tata Sons board member is till March, but the group wants to evict him from the holding firm without losing any more time, the Business Standard report added.