Tata vs Mistry: What’s next
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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.