Tata Steel takes away the power of attorney from Cyrus Mistry as the Chairperson. Replacing Cyrus Mistry with the former head of State Bank of India O P Bhatt.
Board conducted a meeting at Mumbai on Friday, regarding removal of present Chairperson from boards of Tata Motors.
Finally, the day came when independent directors on the board of Tata Chemical rest the faith upon Mistry. Nusil Wadia on the boards of Tata Chemicals was told to join Mistry.
However, Cyrus Mistry will remain the director of Tata Steel until the outcome of the extraordinary general meeting on December 21 call Mistry as director.
Ratan Tata, chairman and the board members include Nitin Nohria, Vijay Singh, Farida Khambata, Venu Srinivasan, Ajay Piramal, Amit Chandra, N Chandrasekaran and Ralf Speth.
Nevertheless, Mistry enjoy powers as allowed him to vote on behalf of Tata Sons in operating companies in the shareholders meet.
Tata Sons have received notices for the meet with TCS, Hotels, and Tata Chemicals.
Regarding removal of Cyrus Mistry & Nusil Wada, notice provided to Tata Chemicals, Tata Steel, and Tata Motors.
Mistry holds 18.5% shareholders of Tata Sons.
O P Bhatt has been appointed as the chairperson Of the Tata Steel. Details gathered from the Boards meeting regarding removal of Cyrus Mistry is the concern, lots of arguments took place. As per the news from the members that the circular resolution has been brought up 45 minutes before the meeting.
However, the circular resolution was brought up and already signed by the six directors. Six directors are Narendran, Koshik Chatterjee, Mallika Srinivasan, Ishaat Hussain, Andrew Robb including O P Bhatt too.
The other directors present on the meeting were told of signed cir. The assumption went wrong. The other directors of the boards who seemed close to Cyrus Mistry Perhaps should have voted in favor, not against him.
There is absolutely no discussion actually none. Directors took the decision in the meeting.