Tata Sons says will do what it takes to oust Mistry
Mumbai, Nov 13 (IANS) After initiating steps to remove Cyrus Mistry as a director of at least five group companies, Tata Sons on Sunday said it will do all it takes to initiate similar action wherever required and deal with the situation.
“Tata Sons, in its statement of November 10, has already put forward the facts so that the decision of the Tata Sons Board to replace Cyrus P. Mistry as Chairman is seen in the desired perspective,” the holding arm of the group said.
“The Tata Sons management will do whatever is required to deal with the situation,” it said in a late evening statement issued on Sunday.
Thus far, after the removal of Mistry as chairman, Tata Sons has issued notices for shareholders’ meeting in at least five companies — Indian Hotels, Tata Steel, Tata Motors, Tata Chemicals and Tata Consultancy services — seeking his removal from their boards.
“In the light of the developments since November 4, Tata Sons reiterates that it is crucially important for boards, including independent directors, to consider that their views and positions ensure that the future of Tata companies is protected, taking into consideration the interest of all stakeholders,” Tata Sons said.
The controlling company of the $103-billion empire had removed Mistry, 48, as chairman last month saying he had lost the confidence of the board due to several factors and that the trustees were increasingly concerned with the growing trust deficit.
Ratan Tata, who had made room for Mistry four years ago, was reinstated as the chair in an interim capacity. Search is on for a new chair.