After Tata Power, Tata Steel board today voted out Cyrus Mistry as the Chairman of Tata Steel. Independent Director OP Bhatt has been appointed as interim Chairman.
An Exatraordinary General Meeting (EGM) is to be held on December 21 to consider removal of both Cyrus Mistry and Nusli N Wadia as Directors of the company.
"The board appointed the independent director as the Chairman keeping in mind principles of good corporate governance and to provide impartial leadership to the Company in its preparation and conduct of the EGM," the company said in a press release.
According to Network18 sources, Mistry was voted out as the Chairman with majority of the board members including OP Bhatt, M Srinivasan and Ishaat Hussain supporting the decision.
Nusli N Wadia and Cyrus Mistry were both present for the meeting today.
Cyrus Mistry was ousted from the Chairmanship of Tata Sons last month with emeritus Ratan Tata taking over as interim Chairman for four months.
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