Monday, 9 January 2017

Mistry family has no right to nominate director

Ahead of the February 6 shareholders' meeting to remove Cyrus P Mistry as director on Tata Sons, the holding company of Tata Group has said the Mistry family did not have any right to nominate a director on the board as the Articles of Association do not provide for it. In an affidavit filed in response to the petition filed by investment firms of the ousted Chairman Cyrus P Mistry, Tata Sons said Pallonji Shapoorji Mistry was the first person from the Shapoorji Pallonji family to be appointed as a director on the board of the holding company in 1980 even though it has held 18.4 per cent stake since 1965.

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