Tata Group Chairman Ratan Tata on Thursday visited Lucknow and said that he was happy with the way the state of Uttar Pradesh was developing and had become one of the leading states in the country.
Tata Group Chairman Ratan Tata on Thursday visited Lucknow and said that he was happy with the way the state of Uttar Pradesh was developing and had become one of the leading states in the country. Ratan Tata was present during the launch of the Electonic Point supply Scheme by Chief Minister Akhilesh Yadav. On the occasion, the CM took on the stage and said that the Samajwadi Party government was working in every sector of development.
Ratan Tata is in the middle of an ugly public spat with Cyrus Mistry who he had replaced as the interim chairman of the Tata Sons. The veteran corporate had earlier said that Mistry had been given an opportunity to quit, but he had chosen to stay and fight and was then ejected after the relationship deteriorated further. Ratan Tata said this ahead of EGMs of six Tata group firms which have been called to remove Cyrus Mistry as director in a letter to shareholders seeking their support for a special resolution moved by Tata Sons to remove Mistry as director. Mistry became a director in various Tata group companies courtesy his status as Chairman of Tata Sons. After Mistry’s ouster, Tata wrote, “The right step would have been for him to resign as director.
According to PTI, Proxy advisor InGovern has asked minority shareholders of Tata group companies to vote against promoters’ proposal to remove Cyrus Mistry from their boards, saying they have not provided “any compelling reasons”. Six of the seven Tata listed group companies where Mistry serves as a director have called EGMs between December 13 and 26 after having received requisition to this effect from the promoter shareholder, Tata Sons. Mistry was sacked as chairman by the board of Tata Sons – the holding company of group firms – on October 24, but he continues to chair the boards of various entities.