Mistry, Wadia to contest removal

In a regulatory filing, Tata Motors said it has called extraordinary general meeting (EGM) on December 22 to consider resolutions moved by their holding company, Tata Sons, seeking removal of Mistry and Wadia. 

Tata Motors said Mistry and Wadia “intend to provide a separate representation to be sent to the company’s members”. On Saturday, in a regulatory filing, Tata Steel and Tata Chemicals said Cyrus Mistry and Nusli Wadia intend to make rep resentation to shareholders in respect of their removal. 

Tata Sons holds 26.51 per cent stake in Tata Motors. Mistry, who was on October 24 abruptly removed as Chairman of Tata Sons, the holding company of the $103-billion salt-to-software conglomerate, was voted out as Chairman of Tata Steel on November 25. Despite being removed as Chairman of Tata Sons, he continues to head some group firms and is on boards of many. 

While Chairman can be removed by board of Directors, removal of a Director needs shareholders nod. Tata Sons, which brought back Ratan Tata after ousting Mistry last month, is seeking to remove him from group firms too. He has already been ousted as Chairman of TCS and TGBL. EGMs have been called to remove him as Director on these firms as well as Tata Motors and Indian Hotels.