1. Cyrus Mistry takes first legal action, sends notice to Tata Global Beverages

Cyrus Mistry takes first legal action, sends notice to Tata Global Beverages

He may move to the Company Law Tribunal soon, a media report said on Wednesday.

By: | New Delhi | Updated: November 16, 2016 6:38 PM
On Tuesday, Mistry was removed as the chairman of Tata Global Beverages. (AP) On Tuesday, Mistry was removed as the chairman of Tata Global Beverages. (AP)

Former Tata Group chairman Cyrus Mistry on Wednesday took the first legal move in the board room battle by sending a legal notice to the Tata Global Beverages Limited. In the letter Mistry termed his removal illegal. He also termed statement sent to exchanges inaccurate & illegal and claimed that no voting took place in the board meeting.

According to the ‘ET Now’ report, the ex-chairman of the Tata Sons may also move to the Company Law Tribunal soon. The channel also quoted sources as saying that it was shocking that newly inducted Tata Sons board members backed Mistry’s ouster. They added that the new directors also needed a deep understanding of the entire group.

On Tuesday, Tata Global Beverages sacked Cyrus Mistry and replaced him with company veteran Harish Bhat as its new chairman. “After extensive deliberations, and keeping in view the long term interest and alignment of all stakeholders and stability of the Company, the Board of Directors resolved to replace Mr Cyrus P Mistry as Chairman of the Company, by majority vote, with 7 out of the 10 Directors present at the Board Meeting, voting in favour of the resolution,” said a statement issued by the company.

“The Board of Directors also appointed Mr. Harish Bhat – a Non-Executive Director of the Company, as the Chairman of the Company,” it added. “Tata Global Beverages Limited has informed the Exchange that The Board of Directors of the Company considered the continuance of Mr. Cyrus P Mistry as Chairman of the Company at its Board Meeting held on November 15, 2016,” added the statement.

Last week, Tata Consultancy Services (TCS) said Mistry, who was abruptly sacked as the chairman of Tata group’s holding company, has been removed and replaced by Ishaat Hussain in the interim. Tata Global Beverages Ltd (TGBL) said Harish Bhat, a non-executive director of the company, has been appointed chairman of the company.

 

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