New Delhi: Tata Sons has removed ousted chairman Cyrus Mistry from its board, in the latest stage of his protracted removal from India’s largest conglomerate.
The holding company of the Tata group had dismissed Mr Mistry as its chairman on October 24, prompting him to launch an intense campaign challenging the legality of his dismissal, which will be heard at Mumbai’s National Company Law Tribunal.
The public feud has shocked India’s business world, which had become used to a long tradition of stable governance at the Tata group, which has businesses ranging from steel to IT services.
Mr Mistry’s ousting came after he lost the confidence of his predecessor Ratan Tata, who had remained as chairman of the Tata Trusts, which own 65 per cent of Tata Sons. That controlling stake meant that the outcome of Monday’s shareholder vote was never in doubt. Mr Mistry’s family nonetheless continues to control an 18 per cent stake in Tata Sons.