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Tata Sons calls for EGM for removal of Cyrus Mistry and Nusli Wadia from Board of Tata Motors

Wadia and Tata go back many decades and is an independent director in many of Tata companies like Tata Chemical and Tata Motors.

By , ET Bureau | Updated:
Tata Sons calls for EGM for removal of Cyrus Mistry and Nusli Wadia from Board of Tata Motors
MUMBAI: Tata Sons, has called for an extraordinary general meeting for the removal of Cyrus Mistry from the Board of directors for Tata Motors. According to sources , the EGM will also be for the removal of Nusli Wadia from the Board.

Wadia and Tata go back many decades and is an independent director in many of Tata companies like Tata Chemical and Tata Motors. Wadia had supported Mistry in his working as the chairman of Tata Chemicals in the Board meeting that was scheduled on Thursday.

Similar support for Mistry was also garnered in the Board meeting of Indian Hotels last Friday when all independent directors supported Mistry.

On 24th of October, Tata Sons removed Cyrus Mistry as chairman of Tata Sons and now the board room battle has gone to individual Tata Companies.
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Tata Sons throws a 9-page letter bomb at Cyrus Mistry
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As the letter suggests, "While dividend income was declining, expenses (other than interest on debt) on staff increased from Rs 84 crores to Rs 180 crores and other expenses increased from Rs 220 crores in 2012-13 to Rs 290 crores in 2015 (excluding exceptional expenses)."

"There was little or no profit on sale of investments during these years. Impairment provisions increased from Rs 200 crores in 2012-13 to Rs 2,400 crores in 2015-16 indicating inability to stem falling values and turn around the ‘hot spots’ referred to by Mr. Mistry"
As the letter suggests, "While dividend income was declining, expenses (other than interest on debt) on staff increased from Rs 84 crores to Rs 180 crores and other expenses increased from Rs 220 cro..
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He has always projected total performance figures using the higher numbers from JLR and TCS to cover up the problem areas and poor performance of some of the companies.

"These two companies probably account for around 50% of the total turnover and probably over 90% of the total profits of the whole group and have been performing successfully continuously over the past many years, for which Mr. Mistry cannot take credit," the letter suggests.
He has always projected total performance figures using the higher numbers from JLR and TCS to cover up the problem areas and poor performance of some of the companies. "These two companies probably..
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As a leader Mistry was 'intolerant to critical reports about actions under his aegis.'

According to the letter, group indebtedness has increased by Rs 69,877 crores to Rs 225,740 crores over the last four years. even the market share has been dropped to 5% from 13% (in the year ended march 2013).
As a leader Mistry was 'intolerant to critical reports about actions under his aegis.' According to the letter, group indebtedness has increased by Rs 69,877 crores to Rs 225,740 crores over the las..
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"Tata Steel alone has written off a large part of its investment in its UK/European assets. It is interesting to note that the new buyers of some of the steel assets for £1 in the UK have claimed a dramatic turnaround in the very first year of their take-over," the letter says.
"Tata Steel alone has written off a large part of its investment in its UK/European assets. It is interesting to note that the new buyers of some of the steel assets for £1 in the UK have claimed a d..
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The letter accused Mr Mistry of is trying to gain control of IHCL with the support of the Independent Directors of the Board.

The letter also highlighted Mistry's personal e-mail that he addressed to the director's of Tata Sons, which in turn was picked up by various newspapers.

Text: Economictimes.com
The letter accused Mr Mistry of is trying to gain control of IHCL with the support of the Independent Directors of the Board. The letter also highlighted Mistry's personal e-mail that he addressed t..
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