In a letter to the shareholders, Tata Sons interim Chairman Ratan Tata today sought support for a special resolution to remove Cyrus Mistry as director of Tata group companies.&nbsp;

Ahead of the Extraordinary General Meetings (EGMs) of six Tata group firms, Ratan Tata said that the continued presence of the ousted executive in respective boards is a serious &quot;disruptive influence&quot; and can make the companies &quot;dysfunctional&quot;.

He said the decision to remove Mistry as the Chairman of Tata Sons was taken as the board had lost confidence in him and his ability to lead the conglomerate.&nbsp;

He also said the &quot;deliberated action&quot; to remove Mistry by the Tata Sons board was taken after relationship with him steadily deteriorated and &quot;several attempts to remediate went unheeded&quot;.

He further said Mistry was offered an opportunity to step down voluntarily from the Chairman position, which he rejected.

&quot;The right step would have been for him to resign as director. Unfortunately, he has not yet done so and his continued presence as a director is a serious disruptive influence on these company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons,&quot; Tata wrote.

Following special resolution moved by Tata Sons to remove Mistry as director, TCS has called an EGM on December 13, Indian Hotels Co Ltd on December 20, Tata Steel on December 21, Tata Motors on December 22, Tata Chemicals on December 23 and Tata Power on December 26.

(WION with inputs from PTI)&nbsp; 
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Interim Chairman Ratan Tata said the group had offered Mistry an opportunity to step down voluntarily, which he had rejected

In a letter to the shareholders, Tata Sons interim Chairman Ratan Tata today sought support for a special resolution to remove Cyrus Mistry as director of Tata group companies. Ahead of the Extraordinary General Meetings (EGMs) of six Tata group firms, Ratan Tata said that the continued presence of the ousted executive in respective boards is a serious "disruptive influence" and can make the companies "dysfunctional". He said the decision to remove Mistry as the Chairman of Tata Sons was taken as the board had lost confidence in him and his ability to lead the conglomerate. He also said the "deliberated action" to remove Mistry by the Tata Sons board was taken after relationship with him steadily deteriorated and "several attempts to remediate went unheeded". He further said Mistry was offered an opportunity to step down voluntarily from the Chairman position, which he rejected. "The right step would have been for him to resign as director. Unfortunately, he has not yet done so and his continued presence as a director is a serious disruptive influence on these company boards, which can make the company dysfunctional, particularly given his open hostility towards the primary promoter, Tata Sons," Tata wrote. Following special resolution moved by Tata Sons to remove Mistry as director, TCS has called an EGM on December 13, Indian Hotels Co Ltd on December 20, Tata Steel on December 21, Tata Motors on December 22, Tata Chemicals on December 23 and Tata Power on December 26. (WION with inputs from PTI)

Mistry removed as Tata Sons lost confidence in him: Ratan Tata

India&#39;s market regulator, the Securities and Exchange Board of India (Sebi), is keeping a close watch on the high profile Tata-Mistry case. The board sought clarification from many of the companies listed with India&#39;s largest conglomerate, Tata Sons, on Wednesday.&nbsp;

Sebi immediately took action to inquire about the serious allegations of breach of corporate governance norms and listing regulations, levelled by the sacked chairman Cyrus Mistry. &nbsp;

&quot;We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction,&quot; a senior official said.

In an explosive confidential email to the board members of Tata Sons, Mistry pointed out that the conglomerate faces a possible writedown to the tune of $18 billion.&nbsp;

He also wrote, that &quot;ethical concerns&quot; had been raised over certain transactions and a &quot;recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore&quot;.

The stock exchanges are also monitoring the price movement and trading activities of over two dozen listed companies of Tata group, which have seen an erosion in value in the last two trading sessions after Mistry&#39;s surprise removal.&nbsp;

The exchanges have asked these companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, to provide full details about these issues.

The companies were questioned &quot;whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the company,&quot; the exchanges said. They are yet to respond to the board and stock exchanges.&nbsp;

In his letter, Mistry claimed that despite being the chairman, he had been pushed to a position of a &quot;lame duck&quot; with the modified rules of engagement between the Tata family Trusts and the board of Tata Sons.&nbsp;

(WION with inputs from PTI) 
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Sebi questioned dozens of Tata group companies after sacked chairman Mistry alleged violation of 'legal and ethical corporate norms'

India's market regulator, the Securities and Exchange Board of India (Sebi), is keeping a close watch on the high profile Tata-Mistry case. The board sought clarification from many of the companies listed with India's largest conglomerate, Tata Sons, on Wednesday. Sebi immediately took action to inquire about the serious allegations of breach of corporate governance norms and listing regulations, levelled by the sacked chairman Cyrus Mistry. "We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction," a senior official said. In an explosive confidential email to the board members of Tata Sons, Mistry pointed out that the conglomerate faces a possible writedown to the tune of $18 billion. He also wrote, that "ethical concerns" had been raised over certain transactions and a "recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore". The stock exchanges are also monitoring the price movement and trading activities of over two dozen listed companies of Tata group, which have seen an erosion in value in the last two trading sessions after Mistry's surprise removal. The exchanges have asked these companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, to provide full details about these issues. The companies were questioned "whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the company," the exchanges said. They are yet to respond to the board and stock exchanges. In his letter, Mistry claimed that despite being the chairman, he had been pushed to a position of a "lame duck" with the modified rules of engagement between the Tata family Trusts and the board of Tata Sons. (WION with inputs from PTI)

Tata-Mistry saga: India's market regulator Sebi seeks clarification from Tata group companies

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Mistry removed as Tata Sons lost confidence in him: Ratan Tata

Tata-Mistry saga: India's market regulator Sebi seeks clarification from Tata group companies