IHCL to hold EGM on 20 December to consider Cyrus Mistry’s removal as director
Indian Hotels Co. Ltd said it has decided to convene the meeting after Tata Sons, which holds a 28% stake in the company, issued a notice
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Mumbai: Indian Hotels Co. Ltd, which runs the Taj chain of luxury hotels, on Monday said it will hold an extraordinary general meeting (EGM) on 20 December to consider the removal of Cyrus P. Mistry as director.
The company said it has decided to convene the meeting after Tata Sons Ltd, which holds a 28% stake in the hotel company, issued a notice. The meeting will “consider and if thought fit, to pass an ordinary resolution for removal of C.P. Mistry as director of the company, IHCL said in a stock exchange filing.
The decision came at a board meeting held on Monday.
On 9 November, Indian Hotels’s independent directors had expressed support for Mistry, the ousted chairman of Tata Sons. The 10-member board (including Mistry) of Indian Hotels includes six independent directors: K.B. Dadiseth, Ireena Vittal, Vibha Paul Rishi, Deepak Parekh, Nadir Godrej and Gautam Banerjee.
Last week, Tata Consultancy Services Ltd became the first group company to fix a date for a shareholders’ meeting to remove Mistry as director. The board of the Tata flagship firm will hold the EGM on 13 December.