Independent directors on the board of Tata Motors re-affirmed their faith in the current management of the company Jayanta Dey / Reuters
After Indian Hotel Co. Ltd (IHCL) and Tata Chemicals, independent directors on the board of Tata Motors, the automobile arm of the salt-to-software Tata group re-affirmed their faith in the current management of the company, led by chairman Cyrus Mistry.
Following a board meeting held on November 14, the carmaker, in a statement to the bourses on November 15, said: “The independent directors have confirmed that all decisions taken by the Board with regard to the strategy, operations and business of the company have been unanimous and executed by the chairman and the management accordingly.”
“The independent directors have further affirmed that the company continues to be governed, supervised and managed under the guidance and direction of the board,” the Tata Motors statement said. “The management of the company and its subsidiaries have the full confidence and support of the independent directors.”
Tata Motors’ independent directors include Bombay Dyeing chairman Nusli Wadia, Raghunath A Mashelkar, Nasser Munjee, Subodh Bhargava, Vinesh K Jairath, and Falguni S Nayar.
On November 11, Tata Sons, which leads the promoter group that holds a 33 percent stake in Tata Motors, had requisitioned for an extraordinary general meeting of the company’s shareholders to oust Mistry and Wadia as directors of the company.
On October 24, Mistry was replaced as chairman of Tata Sons with interim chairman Ratan Tata. Since then, the action has shifted to the group operating companies, where directors on the board have clearly taken sides in the Tata-Mistry battle.