After Indian Hotels, Tata Chemicals’ Independent Directors Stand By Cyrus Mistry
This is the second Tata Group company whose independent directors have backed Mistry.
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Independent directors of Tata Chemicals Ltd. have affirmed their confidence in ousted Tata Sons' Chairman Cyrus Mistry, the company said in a media statement shortly after a board meeting at Bombay House.
This is the second Tata Group company whose independent directors have backed Mistry. Earlier on November 4, the independent directors of the Indian Hotels Company had expressed their "full confidence" in Mistry.
Independent directors at Tata Chemicals cited the overwhelming majority with which shareholders had approved Mistry's reappointment as the chairman of Tata Chemicals at the annual general meeting held on August 11, 2015. Over 97 percent of shareholders voted in favour of Mistry's reappointment then.
Considering the above the Independent Directors unanimously affirmed their confidence in the Board, its chairman and the management in the conduct of the company’s business.Tata Chemicals Statement
The independent directors of Tata Chemicals include Nusli N Wadia, Nasser Munjee, YSP Thorat and Vibha Paul Rishi. Rishi is also an independent director on the board of Indian Hotels.
The company said in the statement that all operational decisions had been taken by the board unanimously and that Mistry had executed them as per their directions.
Earlier in the day, the slugfest between Mistry and the Tata's resumed as Tata Sons issued a nine-page letter justifying its decision to sack Mistry and the latter hit back calling Tata Sons allegations “a smear campaign unworthy of either the Tata Group or a response”.