Four Tata firms to vote against Mistry's

Four firms of the Tata group have decided to vote against Cyrus Mistry. IHCL, Tata Steel, Tata Motors and Tata Chemicals's EGMs are slated to held on December 20-23.

Mumbai, Dec 18: In what could prove to be a crucial week in the ongoing boardroom war between Tata Sons and its ousted Chairman Cyrus Mistry, four listed firms of the group will vote on resolutions to remove him as director from their boards.

All eyes will be on the outcome of voting by shareholders of Indian Hotels Co Ltd (IHCL), Tata Steel, Tata Motors and Tata Chemicals at their EGMs to be held on December 20-23. Besides deciding the fate of Mistry, shareholders of three companies -- Tata Steel, Tata Motors and Tata Chemicals will also vote on similar resolutions moved by Tata Sons to remove independent director Nusli Wadia from their boards.

Shareholders of IHCL will vote on removing Mistry as director. Tata Sons holds 28.01 per cent stake in the company. According to the information available on BSE, as on September 2016, promoter and promoter group together held 38.65 per cent stake in IHCL. One of the key non-promoter shareholders, LIC, which had abstained in a similar voting in TCS, holds 8.76 per cent.

Mistry on his own holds 1,28,625 shares in the company, as per IHCL's 2015-16 Annual Report. In Tata Steel, Tata Sons holds 29.75 per cent while the total of promoter and promoter group holding is 31.35 per cent while non-promoter shareholder LIC holds 13.62 per cent.

Tata Sons holds 26.51 per cent stake in Tata Motors, while the overall promoter and promoter group holding is at 33 per cent, while that of LIC is at 5.11 per cent. Mistry holds 14,500 shares in his individual capacity.

On the other hand, in Tata Chemicals, Tata Sons has 19.35 per cent stake and the total of promoter and promoter group holding is at 30.80 per cent, while that of LIC is 3.33 per cent. Mistry's holding is 16,000 shares.

PTI