Ratan Tata said what Mistry had done in the past four years should be recognised
Monday, October 24, is a day former Tata Sons chairman Cyrus Mistry is unlikely to forget. The minutes of that day’s board meeting, which were included in Cyrus Mistry’s petition submitted to the National Company Law Tribunal, throw light on Mistry’s ouster.
The meeting, which was held at Bombay House to remove Cyrus Mistry, was chaired by the Tata Trusts’ nominee director on the Tata Sons board, Vijay Singh, and two other Trusts’ Stock Market news nominee directors on the Tata Sons board, Amit Chandra and Nitin Nohria. Ratan Tata attended the meeting as chairman emeritus. According to the minutes of the meeting, before the commencement of consideration of items in the agenda that was circulated to the directors on October 15, 2016, Nohria mentioned that the Trusts had asked its nominees on the board to bring a motion to the board of Tata Sons.......
Singh, as chairman of the meeting, proposed including additional matters that were not on the agenda but were circulated to the board of directors. His resolution was seconded by Sen......
After the resolutions were approved, Tata said there was a need to recognise what Mistry had done in the last four years and the group needed to move forward as seamlessly as it could....
The board was informed by Hussain that Tata Sons and AIA planned to buy a 70 per cent stake in PNB Metlife, except the 30 per cent held by Punjab National Bank. Hussain is also chairman of Tata AIA Life Insurance Company news....
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