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Tata Motors has convened an extraordinary general meeting (EGM) on December 22 to seek shareholders’ approval to remove Cyrus Mistry and Nusli Wadia as the company’s directors.
The call for EGM follows a special notice received from Tata Sons, which holds 26.51 per cent of stakes in the company, Tata Motors said in a regulatory filing.
Earlier on November 11, Tata Sons had sought ouster of former Chairman Cyrus P Mistry and the group’s friend-turned-foe Nusli N Wadia from the board of Tata Motors. Mistry continues to be the chairman of several listed companies of Tata Group even after he was removed as Chairman of Tata Sons.
In the November 14 board meeting, Tata Motors’ independent directors confirmed that all decisions taken by the board with regard to the strategy, operations and business of the company have been unanimous and executed by the Chairman and the management accordingly.
TCS has called an EGM on December 13, Indian Hotels Co Ltd has convened it on December 20, and Tata Chemicals on December 23 to seek Mistry’s ouster.
Mumbai-based Tata Motors is India’s largest automobile company, with consolidated revenues of ₹2,75,561 crore in 2015-16.
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