 "String of Tata EGM notices likely this week to remove Mistry")
In less than three weeks of replacing Cyrus Mistry as the chairman of Tata Sons, a decision has been taken to remove him from the board of all group companies at the earliest, it is learnt.
While Tata Sons sent out notices to Tata Motors, Tata Steel and Tata Chemicals to call extraordinary general meetings (EGMs) for passing resolutions to remove Mistry as a director on those boards last week, similar action is likely this week for other companies where he's a chairman, sources said.
Apart from Tata Motors, Tata Steel and Tata Chemicals, Mistry is the chairman of Indian Hotels Company, Jaguar Land Rover, Tata Power and Tata Global Beverages as well. Mistry was replaced by Ishaat Hussain as chairman at Tata Consultancy Services (TCS) last week as the company's article of association allowed that. However, TCS will also call an EGM in a bid to remove Mistry as a director on the board of the company.
The EGMs of the Tata group companies are likely around the end of December or beginning of January, according to a source. An EGM can be held 45 days after it is called by a company, and not beyond three months of that date. Also, a group company has to act 21 days within Tata Son's notice for an EGM.
The Mistry camp had accused Tata Sons of 'cloak and dagger machinations with little regard to due process of law', referring to nomination of Hussain as TCS chairman recently.
Mistry, who was ousted as Tata Sons chairman on October 24, continues to be on the board of the holding company as a director.
Ratan Tata, who took over as interim chairman of Tata Sons after Mistry's removal, is believed to have garnered support of key shareholders for the EGMs.
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