Business

Independent directors of Indian Hotels back Mistry

cyrus mistry backed by independent directors

Mumbai:  After sacking of Cyrus Mistry as chairman from Tata Sons, on Friday Tata Group received a massive blow when the six independent directors on the board of Indian Hotel’s Company Ltd (IHCL) strongly supported him. The independent directors supported his leadership and continuance as the chair of company and also praised steps taken by him in providing strategic directions. The vote of confidence by the board of IHCL comes as a sign of relief for Mistry.

On the other hand, amidst the ongoing row between the group and ousted chairman Mistry, on Friday Tata Sons announced some organizational changes bringing in S Padmanabhan as the group Human Resources head. Padmanabhan currently heads Tata Business Excellence.

On October 24, Mistry was suddenly removed from the post of chairman of Tata Sons, but now he continues as chairman of about a dozen companies in the group, including Indian Hotels. However, sources revealed that he will continue to act as head of TATA Motors, TCS and TATA Steel. Sources also revealed that he will continue to dispose all the charges levied upon him in TATA company which he used to earlier. When the removal of Mistry was announced officially by the company, TATA expected him to back off from all his posts easily. At present, Mistry holds the chairmanship post for TATA steel, TATA Consultancy Services, TATA Motors, Indian Hotels, TATA Power company, TATA Global Beverages, TATA Chemicals, TATA Industries & TATA Tele Services. IHCL & TATA Chemicals board meeting to be held on November 10 will be chaired by Mistry and he will also approve the quarterly results of the company’s performance.

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