Cyrus Mistry who was removed as the Chairman of the Tata Sons was ousted as the director of Tata Industries on Monday after being voted out by Extraordinary General Meeting at the Tata Industries.
“Tata Industries, at its extraordinary general meeting on 12 December 2016, removed Cyrus P. Mistry, as a director of the company. Due to which, he will also not be the chairman of the company,” Tata industries said.
Tata Sons had removed Mistry as chairman of Tata Sons in the month of October, less than four years after he was appointed to the position, saying that he had lost the confidence of the board due to several factors.
Ratan Tata, was reinstated as the chair in an interim capacity, upon his removal.
In an explosive confidential email to Tata Sons board members Mistry had said he inherited a debt-laden enterprise saddled with losses and went on to single out Indian Hotels Co, passenger-vehicle operations of Tata Motors, European operations of Tata Steel and part of the group’s power unit and its telecommunications subsidiary as “legacy hotspots.”
He asserted that the sudden removal and the lack of explanation has led to a lot of speculation and has done immeasurable harm to his reputation as well as that of Tata Group
The company reportedly requested the board to remove Cyrus Mistry from the board while asserting that he being the director may lead to a “fragmentation” of the company.
Last month, Tata Consultancy Services (TCS) had announced that Ishaat Hussain had replaced Cyrus Mistry and become Chairman of the board of directors of the company with immediate effect.
