Tata Power Company has convened an Extraordinary General Meeting (EGM) on December 26 to remove Cyrus P. Mistry as director of the company. The decision for the EGM was taken at the company’s board meeting for the results on Tuesday.
Tata Sons holds 31.05 per cent stake in the company.
Separately, talking about the board meeting, sources close to the development said, “Cyrus Mistry chaired today's board meeting of Tata Power Ltd without any contest”.
Mistry was ousted as the chairman of Tata Sons, the holding company of the more than $100-billion Tata group, following a board room battle. Following which Ratan Tata took over as the interim chairman of the conglomerate.
Following the ouster of Mistry on October 24, Tata group has constituted a body - comprising industry veterans such as Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya - to scout for a new chairman within the next four months.
Even after his removal, Mistry continues to head the group's several listed firms such as Tata Motors, Tata Power, Tata Steel and Tata Chemicals. Several Tata group firms had called for EGMs, with Tata Consultancy Services on December 13, Indian Hotels Co Ltd on December 20, Tata Motors on December 22 and Tata Chemicals on December 23 to seek Mistry’s ouster.
rajesh.kurup@thehindu.co.in