The Cryus Mistry-Tata Group battle escalated further on Thursday after Tata Sons issued a nine-page statement announcing that the company will call TCS EGM to take up the removal of Cyrus Mistry.Post this development sources told CNBC-TV18 that at a board meeting of Tata Chemicals members didn’t raise the issue of Mistry’s removal.
Sources said that Tata Chemicals may ask Mistry to stay as Chairman. A detailed report of the minutes of the board meeting is expected to be filed with the exchanges soon.
Meanwhile, employee unions have started to pick their camps. Tata Motors’ single largest union with 7,000 members — Tata Motors’ Employees Union, Pune — met with Ratan Tata on Thursday in Mumbai. While the Union refused to spell out the specific agenda of their meeting, their support for Tata was evident.
Samir Dhumal, President, Tata Motors Employees Union - Pune said it was "very fortunate" to be working with Tata Group. He added that Tata asked them to focus on work and not to pay attention to the ongoings with Tata Group.
Watch video for views from Suhas Tuljapurkar, Managing partner, Legasis; corporate governance expert MR Venkatesh and Shailesh V Haribhakti on the developments.
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