In public letters to group company shareholders, Mistry has accused trustees of abusing their position by calling for information and seeking discussions on matters they considered material and dictating Tata Sons’ decisions, using veto right of their nominee directors.
Tata Sons has rejected those claims, and has blamed Mistry for governance lapses.
Tata’s likely departure from the Trusts sometime next year is unlikely to quell the raging public feud that has kept the company in the headlines for two months.
Tata Sons have called special shareholder meetings to oust Mistry as a director from the boards of over half a dozen Tata group companies where he remained even after being sacked as head of the holding company.
A large number of those special shareholder meetings are set to take place next week.
Shareholders of Indian Hotels Co, parent of the Taj line of luxury hotels, are set to vote on Mistry’s ouster on Dec. 20, while those in Tata Steel, Tata Motors, Tata Chemicals and Tata Power Co, are set to meet and vote on the matter on Dec. 21, 22, 23 and 26, respectively.
Earlier this week, shareholders in Tata Sons-controlled Tata Consultancy Services, the conglomerate’s most valuable company, voted to remove Mistry.
Watch here,
(Sourced from agencies, feature image courtesy:oneindia.com)
