Tata Group to sack ex-chairman for slump in share price

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news65s56f56fs56fLAHORE: Globally renowned Indian multinational conglomerate holding company, Tata Group, which owns total assets of US$120.6 billion and revenues of $103.5 billion in 2016, has asked its sister concern Tata Motors to convene an Extraordinary General Meeting in a bid to sack the company’s former Chairman Cyrus Mistry and another director Nusli Wadia from its board.

Nusli Wadia, the grandson of Pakistan’s founder Quaid-e-Azam Muhammad Ali Jinnah and son of Dina Wadia, is an eminent Indian Parsi business tycoon who heads the Wadia Group and is on board of the 149-year old Tata Group too.

A reputed Indian media house “Economic Times” states: “Tata Sons is the promoter of Tata Motors and holds 26.51 percent shares in the company. After blaming Cyrus Mistry for slump in the market share of Tata Motors, Tata Sons on Friday asked the automaker to call shareholder meeting to remove Cyrus Mistry and Nusli N Wadia as directors of the company. A nine-page statement from a group spokesperson on Thursday said, “Tata Motors lost out to competition in both the local passenger vehicle and commercial vehicle businesses under Cyrus Mistry.”

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