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Mistry May Loss His Director Post

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Tata Sons replaced Cyrus P. Mistry as its Chairman and named Ratan N Tata as the interim chairman of the company. The decision was taken at the company's board meeting, a company statement said here. A committee has been formed to select the next chairman within four months. (File Photo: IANS)
Tata Sons replaced Cyrus P. Mistry as its Chairman and named Ratan N Tata as the interim chairman of the company. The decision was taken at the company's board meeting, a company statement said here. A committee has been formed to select the next chairman within four months. (File Photo: IANS)

Industrial conglomerate Tata Group’s holding company Tata Sons said that a majority of its shareholders have voted to remove Cyrus Mistry as a Director on its Board during an extraordinary general meeting (EGM)….reports Asian Lite News

Tata Sons replaced Cyrus P. Mistry as its Chairman and named Ratan N Tata as the interim chairman of the company. The decision was taken at the company's board meeting, a company statement said here. A committee has been formed to select the next chairman within four months. (File Photo: IANS)
Cyrus P. Mistry (File Photo: IANS)

“The shareholders of Tata Sons, at the extraordinary general meeting held today, passed, with the requisite majority, a resolution to remove Cyrus P. Mistry as a Director of Tata Sons,” the company said in a statement.

Tata Sons’ Board had ousted Mistry earlier on October 24, 2016, as its Chairman and appointed Ratan Tata as Interim Chairman.

However, Mistry still remained as a Director on the Board of the holding arm of the $100 billion-plus group.

Tata Trusts hold 66 per cent stake in the holding company of the Tata Group, with Mistry’s family holding over 18 per cent interest.