Why Cyrus Mistry, Tatas dominated news headlines in 2016

Majority shareholders of Tata Chemicals during their general meeting (EGM) voted to remove Nusli Wadia as director of the company and appointed Bhaskar Bhat and S Padmanabhan as directors of the company, according to Tata Chemicals filing with BSE. 

Tata Sons issued a statement stating that the National Company Law Tribunal (NCLT) did not grant any interim relief to Cyrus Mistry's petition and directed parties to file replies and rejoinders within a fixed time frame in January, 2017. 

Tata Motors shareholders, in their EGM, voted to remove Nusli Wadia as director of the company.
 

A Tata Sons spokesperson reacted to Cyrus Mistry’s allegations of weak corporate governance and called it an amalgam of half-truths and untruths, according to a PTI news report. 

Tata Steel, in its EGM, voted to remove industrialist Nusli Wadia, who backed Cyrus Mistry, as director from the company’s board, according to filing with BSE.
 

Cyrus Mistry’s family-controlled investment firms moved the National Company Law Tribunal (NCLT) against Tata Sons and filed petition against oppression and mismanagement of Tata Sons under Section 241 of Companies Act, PTI reported.

Cyrus Mistry wrote a three-page letter to all shareholders and announced resignation from the boards of all listed Tata Group companies, thereby hinting at plans to continue his battle against Tata Sons in court. 

Tata Teleservices announced removal of Cyrus Mistry as director and chairman of the company with immediate effect. 

Tata Industries, a subsidiary of Tata Sons, removed Cyrus Mistry as the director and chairman of the company, PTI reported.

Cyrus Mistry wrote a 14-page letter to shareholders of Tata Sons and urged shareholders to make their voice heard and play a part in defining the future of the Tata Group.

He further said the Governance Reform is must at the level of Tata Sons and Tata Trusts in order to protect the long-term interests of Tata Group and its stakeholders.  
 

Tata Steel removed Cyrus Mistry as chairman of board of directors of the company with immediate effect and replaced him by an independent director O P Bhatt as the new chairman till the outcome of the extraordinary general meeting (EGM) of the company. 

Tata Consultancy Services (TCS) announced removal of Cyrus Mistry as the chairman of the board of directors with immediate effect and appointed Ishaat Hussain as the new chairman of the company. 

Besides, only board members of two firms of Tata Group-Tata Chemicals and Indian Hotels Co- reposed faith in Mistry's leadership as the chairman of their respective companies.
 

Tata Sons' interim chairman Ratan Tata, in a separate letter to Tata employees, said the decision to remove Mistry was a difficult one, made after careful and thoughtful deliberations and was absolutely necessary for the future success of the Tata Group. 

Tata Sons in a response to Cyrus Mistry's letter said in a statement, "The Tata Sons board gives its chairman complete autonomy to manage opportunities and challenges. However, the tenure of former chairman was marked by repeated departures from the culture and ethos of the group." 

Cyrus Mistry, within 24-hours after he was replaced as chairman of Tata Sons, issued a letter via e-mail to members of the Tata Sons board and to trustees of the Tata Trusts expressing his sudden removal as shock adding further that he was not given an autonomy to take decisions as the chairman of the company. 

Tata Sons announced sudden removal of Cyrus Mistry as the company's chairman and brought back Ratan Tata as its interim chairman.