Tata Sons shareholders vote to remove Cyrus Mistry from board

Tata Sons Ltd in its extraordinary general meeting on Monday ejected Cyrus P. Mistry from the board of the holding company after shareholders voted in favour of a resolution that had sought his ouster, Tata Sons said in a statement.

“The shareholders of Tata Sons, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Mr. Cyrus P. Mistry as a Director of Tata Sons,” the company said. Tata Trusts which controls two-third in the closely held firm had requisitioned Tata Sons to call for a shareholder meeting to remove Mistry to maintain confidentiality of the board

Mistry family’s investment firms—Cyrus Investments Pvt. Ltd and Sterling Investments Pvt. Ltd filed a suit at the National Company law Tribunal on 20 December alleging mismanagement at Tata Sons and oppression of minority shareholders.

In its hearing on 31 January, the NCLT gave a green signal to Tata Sons to hold a planned shareholder meeting.

Earlier in January, the Mistry firms filed a contempt of court petition seeking a stay on the Tata Sons EGM. This was dismissed by the NCLT, which asked the firms to club it with their original petition alleging mismanagement of Tata Sons and oppression of minority shareholders.

Dissatisfied with NCLT’s response, the Mistry firms moved the NCALT on 3 February.