Mistry out of Tata Industries, TCS shareholders to vote today

Mumbai:

Shareholders

of Tata Industries have voted out Cyrus Mistry as a director from the board of the privately held company. Tata Sons holds the majority 54% stake in Tata Industries. With Mistry ceasing to be a director, he is no longer the chairman of the company.

Tata Industries, which held its extraordinary general meeting (

EGM

) on Monday to remove Mistry, promotes new businesses for the group.

Mistry’s ouster from Tata Industries is a fallout of him being removed as the chairman of Tata Sons. His exit from Tata Industries leaves the board with six members — K R S Jamwal, R R Bhinge, N Srinath, F N Subedar, Ireena Vittal and Ashish Dhawan, with the last two being independent directors. Subedar, also the chief operating officer of Tata Sons, will chair the board of Tata Industries till a permanent replacement to Mistry is named.

Tata Industries is the second main investment company after Tata Sons. Besides Tata Sons, other Tata Group companies hold a 46% stake in Tata Industries. Tata Industries was the promoter of Tata Teleservices and Tata AutoComp Systems and, in recent times, promoted the group’s e-commerce business, Tata CLiQ.

Other Tata companies have also called EGMs over the next fortnight to remove Mistry as a director. Tata Consultancy Services (TCS) is scheduled to hold its EGM on Tuesday. With over 70% stake in TCS, industry observers say Tata Sons will be able to remove Mistry from the directorship of the software giant. Mistry has already been replaced by Ishaat Hussain as TCS chairman.


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