Moneycontrol
Nov 30, 2016 09:47 AM IST IST | Source: Moneycontrol.com

LIC preps up to vote in Tata EGMs called for Mistry's removal

LIC's board members will hold a separate discussion to look in to and verify the claims made by Tata Sons for Mistry's removal in each group company and analyse the performance of these companies during his tenure, reports Mint.


Moneycontrol Bureau

As various companies under the Tata Group line up their shareholder meetings, Life Insurance Corporation (LIC) has started making background notes on firms where shareholder meetings have been called to remove Cyrus Mistry.


LIC's board members will hold a separate discussion to look into and verify the claims made by Tata Sons for Mistry's removal in each group company and analyse the performance of these companies during his tenure, reports Mint.


The insurer holds significant stake in 10 listed Tata companies. It has 3.2 percent stake in Tata Consultancy Services (TCS) and owns a bigger share in other firms like 13.6 percent stake in Tata Steel and 9.8 percent of Tata Global Beverages.

“If Tata Sons appointed Mistry as a chairman, the same group can terminate his appointment too. That is not the issue,” a source told Mint. The source further added, "The issue is that on what grounds and justifications Mistry is being removed? LIC is examining the arguments made by the Tata group firms in their respective EGM notices."

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