ANDROID IOS

live tv
  1. You are here:
  2. Home
  3. Business
  4. Ousted Cyrus Mistry likely to address Tata Steel's EGM

Ousted Cyrus Mistry likely to address Tata Steel's EGM

Currently reading: Ousted Cyrus Mistry likely to address Tata Steel's EGM
India TV Business Desk, New Delhi [Published on:26 Nov 2016, 21:26:26]

Ousted Tata Steel Chairman Cyrus Mistry is likely to address the shareholders at the extraordinary general meeting (EGM) convened on December 21, the company said today.

"Cyrus P. Mistry has informed the company that he intends to make both, written and oral representation to the shareholders in respect of his removal," Tata Steel informed the BSE through a regulatory filing.

"The company will in terms of Section 169(4) of the Companies Act, 2013, subject to the proviso of the said section and if the time permits it to do so, circulate the written representation to the shareholders."

Apart from Mistry, Nusli N. Wadia, who is a director on the company's board, might also address the shareholders. 

"Nusli N. Wadia has informed the company that he intends to make both written and oral representation to the shareholders in respect of his removal," the filing said.

"The company will in terms of Section 169(4) of the Companies Act, 2013, subject to proviso of the said section and if the time permits it to do so, circulate the written representation to the shareholders."

Tata Steel will hold its EGM on December 21. On Friday, Tata Steel had informed the BSE that its board of directors has decided to convene an EGM to consider and if thought fit, to pass the resolutions to remove Mistry and Wadia as directors of the company.

Tata Steel has elected former banker O.P. Bhatt as Chairman of its board replacing Mistry.

The company's board of directors through a circular resolution passed by majority consent elected Bhatt as the Chairman of its board.

"The board of directors through circular resolutions dated November 25, 2016, passed by majority consent, has decided to replace Cyrus P. Mistry as the Chairman of the board with immediate effect and have elected O.P. Bhatt, an independent director as the Chairman of the board," the company said in a filing to the BSE on Friday.

Bhatt was appointed an independent director of the company on June 10, 2013. He has served as the Chairman of State Bank of India (SBI).

"Bhatt will serve as Chairman till the outcome of the extraordinary general meeting (EGM) of the company," the filing said.


 

(With IANS inputs)

Cyrus Mistry- India Tv
Cyrus Mistry Photo: PTI