'Tata Global board voted to replace Mistry to avoid uncertainty'

Tata Global Beverages’ move to replace Cyrus Mistry as Chairman was more to avoid hostility with parent company than performance-based says Independent Director S Santhanakrishnan, one among those who voted Mistry out.

Responding to the allegation by Mistry’s office that there was nothing on the agenda on the replacement of Chairman, Santhanakrishnan said sensitive topics are never listed on agenda of board meets.

"Introducing any other topic in a board meet is permitted by law," he says, adding, he sees no illegality in replacing Mistry at today’s board meet.

The company’s board wanted stability and long-term growth in the organisation and could no longer take uncertainty on future performance due to hostility of the parent company with Mistry, he said.Watch video for more...