Tata vs Mistry: What’s next
- Padmaavat release: Rajasthan minister says Raje govt to approach Supreme Court
- 20 AAP MLAs have sought time to meet President Kovind: Manish Sisodia
- Donald Trump marks year one with US government shutdown drama
- Bawana factory fire: 17 feared dead, Delhi govt orders inquiry
- IMF, World Bank laud RBI for ‘strengthening’ supervision
It is possibly the biggest corporate boardroom battle since the Ambani brothers split the Reliance business empire in 2005.
After the $103 billion Tata group removed the chairman of its holding company, Cyrus Mistry, in a boardroom putsch on 24 October, the latter didn’t go quietly. Both sides have been engaged in an intense media war with allegations and counter allegations.
The Tatas say Mistry betrayed the trust reposed in him; the ousted chairman says that he was working for the betterment of the group (where he is a shareholder) and was creating a new structure and improving transparency.
While no legal recourse has been taken by either side, the battle moves to its end game: shareholders will now decide whether Mistry stays as director in their respective companies.