Ahead of its EGM on December 26 to seek removal of Cyrus Mistry from the board, Tata Power today said its independent directors were appreciative of his performance in two meetings held in March 2015 and March 2016.
“…Independent director meetings were conducted in March 2015 and March 2016. At both those meetings, the independent directors were appreciative of the performance of Mr Mistry and had nothing of significance to recommend to him in that regard,” Tata Power said in a note to its shareholders.
The company further said: “The feedback of the meeting was conveyed to Mr Mistry by one of the directors present, chosen for that purpose by his colleagues.”
Tata Power has called extraordinary general meeting (EGM) on December 26 following a special resolution moved by Tata Sons, which holds 31.05 per cent stake in the firm, to seek shareholders’ approval to remove Mistry as a director.
It said: “The board confirms that all decisions taken by the board with regard to the business and operations of the company were unanimous.”
Apart from Mistry, other directors on the Tata Power board are: Homiar S Vachha, Nawshir H Mirza, Deepak M Satwalekar, Ashok K Basu, Pravin H Kutumbe, Sandhya S Kudtarkar, Anjali Bansal, Vibha Padalkar, Sanjay Bhandarkar, Anil Sardana (managing director and CEO) and Ashok S Sethi. Of these, Vachha, Mirza, Bansal, Satwalekar, Padalkar and Bhandarkar are independent directors.
In October, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the interim, triggering a confrontation between the single-largest shareholder and the Tatas.
Returning to Tata Sons after the abrupt removal of Mistry, Ratan Tata has moved quickly to consolidate his grip over the USD 103 billion salt-to-software group by seeking to remove the ousted chairman from boards of group firms.