Ratan Tata-Cyrus Mistry row: Indian Hotels independent directors back ousted chairman Mistry
The independent directors of the Indian Hotels, a Tata group company, have expressed solidarity with the ousted Tata Sons chairman Cyrus Mistry, endorsing his leadership.
The directors of Tata group's hospitality arm praised the steps taken by Mistry in "providing strategic direction and leadership to the company".
IHCL's directors, including banker Deepak Parekh, Nadir Godrej, Gautam Banerjee, Keki Dadiseth, Vibha Rishi and Ireena Vittal met ahead of the company board meeting on Friday. They reposed faith in Mistry, saying they "unanimously expressed full confidence in him".
Explaining the reasons for making public their views, IHCL said: "After deliberations, the independent directors came to a view that being a listed company, it was imperative for the independent directors to state their views to the investors and public at large, such that those who trade in securities of the company make an informed decision."
Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.
Sources close to Mistry had stated that after his removal as the chair of Tata Sons, he has decided to dig his heels in his current role at Tata group firms, including Tata Steel, TCS, and Tata Motors. "He will discharge his fiduciary duty as required by law in all his positions in the Tata group".
(WION with inputs from PTI)