Tata Steel removes Cyrus Mistry as Chairman

Tata Steel removes Cyrus Mistry as Chairman
26/11/2016 , by , in ALLIED

Tata Steel has removed former head of Tata Sons Cyrus Mistry as chairman of its board in a board meeting held in Mumbai, replacing him with O P Bhatt, an independent director on the board of the company and former head of State Bank of India.

The board has also decided to convene an extraordinary general meeting (EGM) to remove Mistry and independent director Nusli Wadia as directors on the board of the company, Tata Steel said in a statement.

In a sudden and dramatic turn of events last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata+ in the interim, triggering a confrontation between the single-largest shareholder and the Tatas.

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