Tata Sons on Friday took initiated proceedings to remove Nusli Wadia and Cyrus Mistry as Directors from the boards of a number of group companies, including Tata Motors, Tata Steel and Tata Chemicals. This is being seen as a first step to ousting Mistry from the Chairmanship of these companies.
According to sources close to Tata, the action is being taken against Wadia for allegedly influencing independent directors on these companies to back Mistry. Wadia had backed Mistry at the Tata Chemicals board meeting on Thursday.
Wadia has been an independent director of Tata Motors since December 22, 1998, and Tata Chemicals since June 26, 1981. He's also the chairman of Bombay Dyeing and Britannia Industries.
Tata Sons initiates proceedings to oust Mistry and Wadia
By IndianMandarins - 2016-11-12 11:42:09
Tata Sons on Friday took initiated proceedings to remove Nusli Wadia and Cyrus Mistry as Directors from the boards of a number of group companies, including Tata Motors, Tata Steel and Tata Chemicals. This is being seen as a first step to ousting Mistry from the Chairmanship of these companies.
According to sources close to Tata, the action is being taken against Wadia for allegedly influencing independent directors on these companies to back Mistry. Wadia had backed Mistry at the Tata Chemicals board meeting on Thursday.
Wadia has been an independent director of Tata Motors since December 22, 1998, and Tata Chemicals since June 26, 1981. He's also the chairman of Bombay Dyeing and Britannia Industries.
