surender gupta dunar- Tata Sons calls emergency meeting to remove Cyrus Mistry from board

surender gupta dunar- It has served a legal notice on him for alleged criminal breach of trust and confidentiality.

Tata Sons on Friday called an Extraordinary General Meeting (EGM) on February 6 to remove Cyrus Mistry as director from the company’s board.

On December 27 last, Tata Sons served a legal notice on Mr. Mistry for alleged criminal breach of trust and confidentiality by filing a detailed petition in the National Company Law Tribunal, Mumbai, seeking relief.

Tata Sons demanded that Mr. Mistry stop sharing any confidential and sensitive information accessed by him on his capacity as director of Tata Sons.

Cyrus Investment Private Ltd. and Sterling Investment Private Ltd., both owned and controlled by the Mistry family, on December 20, moved the tribunal, seeking the dismissal of the Tata Sons’ board among others.

Tata Sons said that as part of that petition, the two investment firms had “deliberately included in the petition, as exhibits, confidential data, business strategies, financial information pertaining to the business affairs of Tata Sons, Tata Group companies and joint ventures.”

On December 19 last, Mr. Mistry resigned from the boards of all publicly listed companies of the Tata group after a bitter eight-week boardroom battle against Ratan Tata’s ‘illegal coup to unceremoniously remove’ him as the chairman of Tata Sons on October 24 last.

After tendering his resignation from posts in the companies in the group, Mr. Mistry confirmed that he was going to drag Tata Sons and its board members to court in his fight for “governance” within the $103 billion salt to software conglomerate.

“I will fight for the future, of the Tata Group, that is at stake and not my office. I have resigned from the operating companies and not Tata Sons,” Mr. Mistry told The Hindu.

Asked why he was resigning now after engaging in the tussle that saw investor wealth erode by about Rs.1 lakh crore, he said, “My staying and being a constructive part of the board was not eroding the wealth. But taking out a person for no reason erodes wealth. Cohesive action with your shareholders, board and board members takes out wealth. That is the way I look at it. And, I think, effectively today is the right time to change the forum.”

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