Tata Steel directors divided over Mistry
A nearly six-hour board meeting of Tata Steel ended without a statement supporting Cyrus Mistry as three independent directors — Mallika Srinivasan, OP Bhatt and Andrew Robb — cautioned that going against the parent Tata Sons would imperil the future of the steel giant.
The 11-member board also has Nusli Wadia, Subhodh Bhargava and Jacobus Schraven as independent directors, who supported Mistry and pushed for a statement endorsing him. Mistry, who was removed as Tata Sons chairman on October 24, has refused to quit the boards of operating companies and is banking on the support of independent directors.
“Mallika, Bhatt and Robb said they were concerned more about the future of the company, than Mistry’s past performance. They advised that confrontation with Tata Sons will drag the company’s fortunes,” three people familiar with the matter said.