Media reports indicated that disagreements with members of the Tata family over business strategy were the main reason for his ouster. Ishaat Hussain — finance director since ; career-long Tata professional. His sudden removal, at a board meeting, took most Tata observers by surprise though the disagreements between him and Ratan Tata must have been growing for some time.
His removal amounts to an act of oppression to the minority.
Chandra: Mr Mistry, do you have any views on the motion [to remove you as board chairman]? The Board did not have anything in relation to the removal of the chairman in its agenda on that say.
Cyrus mistry writer
Tata: These are material developments to our company. Ratan Tata was nominated to the board as additional director and then made interim chairman. At AGMs, the fact that there was some tension between the old guard of the Tatas and the new people he had inducted was sometimes apparent. This was necessary because without that, Ratan Tata could not be nominated to the board. Mistry had been associated with the Tata Sons board as a director since , when his father retired from the board. The first was to strip Mistry of all executive powers and annul all power he had been granted on behalf of Tata Sons. Singhvi also said that Mistry insisted that he would not quit from the top post even as the Board, asked him to resign, peeved with his below-par performance. The SP Group had also said that Article of the AoA stipulates that a selection committee should be formed for appointing or dismissing a chairman, which was not followed when Mistry was removed. This was the last stage in the game of chess. Mistry: Are we planning to make a public statement on what has happened here? Finally, sixty-year-old Farokh N Subedar, company secretary and chief operating officer, was given management control as the new chief executive of Tata Sons till a new leader could be identified. Tata: At this stage, I am just an observer. But after losing the job in , he didn't take any official positions in the family business and kept quiet even when asked about the future plans. Tata: Keeping directorship on the board is really up to you. Cyrus, would you like to continue as a director on the board?
The committee has been mandated to complete the selection process in four months. Corporate Story In a new avatar, Cyrus Mistry turns investor to fund start-ups two years after ouster from Tata Sons Under his new venture Mistry Ventures LLP, which he started with his elder brother Shapoor, Cyrus Mistry will provide strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to start-ups.
He held an Irish passport on account of his mother, an Irish citizen of Indian extraction whose brother was an Indian shipping magnate and whose sister was married to a cousin of Pallonji Mistry.
For the purpose of this meeting, I propose Mr Singh act as chairman hereon.
based on 22 review