Directors of TGBL, Tata Steel pass resolutions to stop Cyrus Mistry from challenging his ouster legally
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As per reports, directors of Tata Global Beverages (TBGL) and
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"This clearly shows that it is a move to regularise the previous board meeting at TGBL in which Harish Bhat was made chairman, after removing Mistry from board. The compliance officer admitted that the recording of the board minutes was not available,” a person close to Mistry told ET, adding “The move is in complete violation of corporate governance norms.”
Meanwhile, Tata Group sources told ET the TGBL board meeting that ousted Mistry was a perfectly legal process. "The first meeting was completely legal. We have mounted a second process as a reiteration. Six directors have approved the resolution and that is a clear majority,” a group official told ET.
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