15 December 2016 Current Affairs: Following shareholders’ vote during an extraordinary general meeting (EGM), Cyrus Mistry was removed as director of Tata Industries on 12 December 2016. It is the first such instance in which a besieged executive has been ousted from the board since his removal as Chairman of Tata Group.
As per reports, the extraordinary general meeting was called exclusively to remove him from his office.
Tata Industries is a subsidiary of Tata Sons. Several Tata companies namely Tata Motors, Tata PowerTata Steel holds equity in the company.
Earlier on 24 October 2016, in a sudden and dramatic move, Cyrus Mistry was sacked as the Chairman of India’s largest conglomerate Tata Group. He was replaced by his predecessor Ratan Tata in the interim.
Later, a five-member search committee was named, including Tata, to choose a successor within four months.
Apart from this, the Tata Power has called an Extraordinary General Meeting (EGM) on the coming 26 December 2016. At present, Mistry is the Chairman of Tata Power. He joined the board of Tata Sons in 2006 and was appointed as Chairman of its Board in December 2012.
Tata Industries in a statement said that with this removal as director, Mistry also ceases to be the chairman of the company.