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Indian Hotels convenes EGM to remove Mistry as Director

A statement from Indian hotels board said, “The board of directors of the company, at its meeting held on November 21 has pursuant to the special notice and requisition dated November 9 sent by Tata Sons, decided to convene an EGM to consider and if thought fit, to pass an ordinary resolution for removal of Mistry as director of

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 22 Nov 2016 3:47 AM GMT

Indian Hotels convenes EGM to remove Mistry as Director
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Indian Hotels to conduct EGM to remove Cyrus Mistry as Chairman
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Mumbai: Indian Hotels which operates the Taj group of hotels has decided to convene an Extraordinary General Meeting (EGM) of shareholders on December 20 to consider the removal of Cyrus Mistry as director of the company.

A statement from Indian hotels board said, “The board of directors of the company, at its meeting held on November 21 has pursuant to the special notice and requisition dated November 9 sent by Tata Sons, decided to convene an EGM to consider and if thought fit, to pass an ordinary resolution for removal of Mistry as director of the company.”

The Tata group holds only 38.65 per cent stake in Indian Hotels’ share and would only be able to remove Mistry as director if financial institutions, insurance companies and mutual funds back the group.

Interestingly, on November 4 last, independent directors of Indian Hotels had met before the board meeting and decided to back Mistry. Their decision had made it tough to dislodge him from the company.

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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