TATA Power yesterday called for an extraordinary general meeting (EGM) on December 26 to seek shareholders’ approval to remove Cyrus Mistry as a director of the largest integrated private power company in the country.
Though ousted from Tata Sons as chairman on October 24, Mistry continues to be the chairman of Tata Power. Tata Sons, the company’s promoter with 31.05% stake, had asked Tata Power to convene an EGM for passing a resolution for removal of Mistry as a director from the board. The company has 12 directors, out of which six are independent.
Among the Tata group companies, TCS has called an EGM on December 13, while Indian Hotels has convened it on December 20, Tata Motors will hold it December 22, Tata Steel on December 21 and Tata Chemicals on December 23.
One of the independent directors said the board meeting was routine in nature and did not take up any particular resolution on removing Mistry. But he was quick to add that for the company everything depends on what Tata Sons decides.
A statement from the Mistry camp said: “Mistry chaired today’s board meeting of Tata Power without any contest.” The statement did not elaborate, nor did the Tata Group, on the meeting.
Board of directors in Tata Power, of which six are independent