28 November 2016 Current Affairs: The Board of Tata Steel voted to remove Cyrus Mistry as the Chairman of the company.
The Board voted to appoint O.P. Bhatt, former Chairman of State Bank of India, as the Interim Chairman of the company.
The company also stated that it has summoned an Extraordinary General Meeting (EGM) on 21 December 2016 to remove Mistry and Nusli Wadia, who is an independent director, from the company’s board.
Six Tata Group companies, namely Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals and Indian Hotels Company (IHCL), have convened EGMs to remove Mistry as Director from their respective boards.
Recently, the Board of Tata Global Beverages had removed him as the Chairman of the company. Earlier, TCS had also replaced him with Ishaat Hussain as the Interim Chairman. On 24 October 2016, the Board of Tata Sons Ltd had replaced Mistry as Chairman of the India’s largest conglomerate.
Tata Steel : Tata Steel Limited is an Indian multinational steel-making company, and a subsidiary of the Tata Group.It was formerly known as Tata Iron and Steel Company Limited (TISCO).
It is headquartered in Mumbai, Maharashtra. It was founded by Jamshedji Tata and established by Dorabji Tata on 26 August 1907.
It was the 11th largest steel producing company in the world in 2013.The company’s largest plant is located in Jamshedpur, Jharkhand. In 2007, it acquired the UK-based steel maker Corus.
In 2014, it was ranked 486th in the Fortune Global 500 ranking of the world's biggest corporations.As per Brand Finance, it was the seventh most valuable Indian brand of 2013.