Friday, 23 December 2016

Tata-Mistry spat shows independent company directors vulnerable in India

For Equity and Commodity Market Trading view as :

The bitter boardroom battle at the heart of Tata Sons has put a spotlight on the vulnerability of India's independent company directors who stand-up to, or take on a dominant shareholder. Tata Sons is not only fighting former chairman Cyrus Mistry, who has complained of mismanagement and corporate governance failures within the company, but is now also trying to oust Nusli Wadia - one of the group's most fiercely vocal independent directors - after he publicly backed Mistry. 

While Mistry has resigned from all listed Tata entities, Wadia was removed from the board of Tata Steel on Wednesday. Tata Motors and Tata Chemicals will vote on Wadia's ouster on Thursday and Friday.

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