Indian Hotels calls EGM to seek Mistry’s removal as director
Indian Hotels has called an extra-ordinary general meeting of shareholders to seek removal of ousted chairman Cyrus Mistry as director of the company.business Updated: Nov 10, 2016 15:36 IST
Tata Group’s hospitality arm Indian Hotels has called an extra-ordinary general meeting of shareholders to seek removal of ousted chairman Cyrus Mistry as director of the company.
“... a requisition is received from Tata Sons, a shareholder of Indian Hotels Company Ltd, holding 28.01 per cent of the paid-up equity share capital of the company to convene an extra-ordinary general meeting of the shareholders of the company... to pass the resolution for removal of C P Mistry as Director of the company,” the hospitality major said in a BSE filing.
Earlier in the day, Tata Sons appointed Ishaat Hussain as the chairman of the group’s hugely successful IT firm TCS in place of Cyrus Mistry.
Last week, independent directors of Indian Hotels Co Ltd (IHCL) unanimously supported his leadership and continuance as chairman of the company.
Just as independent directors of the firm, including banker Deepak Parekh and Nadir Godrej, met ahead of a scheduled board meeting, Tata security personnel roughed up journalists and lensmen gathered outside Bombay House to report the meetings.
After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India’s largest conglomerate, the promoter Tata Trust is looking at removing him from the operating companies as well.
The other independent directors of IHCL include Gautam Banerjee (of Blackstone Group), Keki Dadiseth (ex-HUL MD), Vibha Rishi Paul (former executive director, brand and human capital, Max India) and Ireena Vittal (former partner with McKinsey & Co).
Besides Mistry, his elder brother Shapoor Mistry is a director on the board of IHCL, as also his confidant and CEO Rakesh K Sarna.
Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.