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
“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.