Whether Cyrus Mistry can continue to be chairman at several Tata group companies will depend on how institutional investors vote at the special shareholders’ meeting called by parent Tata Sons Ltd to decide Mistry’s fate.
The Ratan Tata-led Tata Sons, which ousted Mistry as chairman of the Tata group holding company last month, now wants to remove him as chairman of Tata group companies. Mistry, who was only the second Tata Sons chairman not to bear the Tata surname, was accused of seeking to wrest control of group companies among other things. Mistry has denied the charges.
In several group companies, where Mistry continues to be chairman, domestic institution ownership ranges from 5.13% in Tata Consultancy Services Ltd to 38.9% in Indian Hotels Co. Ltd.
