MUMBAI: Even as ousted chairman of Tata Sons, Cyrus Mistry, stated that he would continue the fight for the group, another Tata firm, Tata Teleservices announced that he had been removed from its board and his post as chairman following a shareholders vote on Wednesday. This is the third firm after Tata Industries and Tata Consultancy Services to remove him.
The decision was taken after a motion moved at the extraordinary general meeting (EGM) of equity shareholders to remove Mistry was “passed unanimously”, said the firm. Meanwhile, Mistry stated that he would continue to fight for his positions in the group firms despite the setbacks, saying that over 70 per cent of non-promoter shareholders either voted against the resolution to remove him or abstained. He also added that the voting by minority shareholders of Tata Consultancy Services (TCS) has sent a strong signal that the need for governance reform at Tata group must not go unheeded.
The other director in the crosshairs of Tata Sons, Nusli Wadia, said in a letter to Tata Motors shareholders that he had differences with Ratan Tata over continuation of Nano “which has proved to be a serious drain on financial resources” of the firm. An EGM has been called to remove both Mistry and Wadia from its board. A case has also been filed at the Bombay High Court by four minority shareholders against Wadia’s removal from the Tata Motors Board.