Business

Cyrus Mistry Removed As Director of Tata Industries

New Delhi: **FILE** File photo of Cyrus Mistry whom Tata Sons on Monday removed as its Chairman, nearly four years after he took over the reins of the group. PTI Photo (STORY DEL66) (PTI10_24_2016_000175A)

Cyrus Mistry. Credit: PTI

Mumbai: Cyrus Mistry was today removed as the director of Tata Industries following shareholders’ vote, the first such instance of the embattled executive being ousted from the board since his removal as Tata Group chairman.

Mistry also ceases to be the chairman of the company following his removal as director, Tata Industries said.

“Tata Industries, at its extraordinary general meeting on December 12, 2016, removed Cyrus P. Mistry as a director of the company. Hence, he also has ceased to be the chairman of the company,” it said.

Mistry was abruptly ousted as chairman of Tata Sons – the holding company of the US$ 103 billion salt-to-software conglomerate – on October 24. Since then, interim chairman Ratan Tata has moved to consolidate his position by seeking to remove Mistry from boards of key listed firms.

EGMs of listed companies, which have been called to consider Tata Sons’ proposal to remove Mistry as director from their boards, are lined up throughout the month.

The board of Tata Industries, post the EGM, comprises, K.R.S. Jamwal, R. Bhinge, Ireena Vittal, Ashish Dhawan, N Srinath and F. N. Subedar.

Tata Industries is a subsidiary of Tata Sons. Several Tata companies, including Tata Motors, Tata Power and Tata Steel hold equity in the company.

Tata Industries’ main activities are to promote Tatas’ entry into new businesses and invest in operating companies to facilitate growth.