Tata Sons may call for an EGM to remove Cyrus Mistry

MUMBAI: Tata Sons, will soon call for an extraordinary general meeting (EGM) for all its shareholders . The agenda being , removal of former chairman Cyrus Mistry from the Board of Tata Sons.

According to sources , the EGM should be called in the next few days . The board meeting on Thursday is to discuss the group's performance.Both Mistry and Tata Sons did not respond to query sent by ET at the time of publishing story online. Mistry is not expected to attend Thursday's meeting .

The group’s interim chairman is Ratan Tata and the board members include Nitin Nohria, Vijay Singh, Farida Khambhata, Venu Srinivasan, Ajay Piramal, Amit Chandra, Natarajan Chandrasekaran, Ralf Speth.

Mr Mistry belongs to the Pallonji Mistry family Pallonji family that holds 18.4% stake in Tata Sons. Two-thirds of the group is owned by Tata Trusts, headed by Ratan Tata.

The Tata Group has been engulfed in a power war since the ouster of Mistry as group chairman on October 24. Matters have become complicated with independent directors of the boards of some companies have backed Mr Mistry forcing Tata Sons to call a shareholders for removal of Mr Mistry as chairman and director of key companies.

Independent directors of Tata Motors, Indian Hotels and Tata Chemicals have backed Mistry, his strategy and that of the management while Tata Steel independent directors could not agree on a statement of support. EGMs have been called in other Tata firms to remove Mistry from their Boards .