Tata Global Beverages Ltd said that it had accurately conveyed the board's decision to remove Cyrus Mistry as chairman, in its regulatory filings.
Stoutly defending removal of Cyrus Mistry as its chairman, Tata Global Beverages Ltd on Thursday said it had accurately conveyed the decision of the board in its regulatory filings. It refuted Mistry's charge of filing incorrect information about the decision taken at the board meeting, saying the allegation of illegality by the ousted chairman was "incorrect".
Replying to a clarification sought by the Bombay Stock Exchange, Tata Global Beverages Ltd (TGBL) said Mistry was removed in accordance with laws. "The company filing accurately reflects the decision made by the board of directors... at its meeting held on November 15, 2016. This is in accordance with applicable laws," said TGBL. On the allegation of illegality of the move, the company said: "Consequently, the allegations made by the Mistry's office and quoted in the media are incorrect." It added that "the information in relation to replacement of the chairman of the board of the company was considered to be material".
On November 15, Mistry was voted out as chairman of TGBL, a move he slammed as illegal and inaccurate representation of board proceedings. "The developments at the board meeting of Tata Global Beverages Ltd is nothing but a repeat of the illegality that the board of directors of Tata Sons did on October 24," Mistry had said in a statement issued by his office. It had claimed there was nothing on the agenda of the board -- a meeting of which was called to approve second quarter earnings -- "about replacement of the chairman just as there was nothing on the Tata Sons board agenda on October 24", it said. According to the company, seven out of 10 directors at the board meeting of TGBL had voted for removal of Mistry as chairman of the company. This was the second listed firm of $103-billion (around Rs 6.99 lakh crore) group to remove Mistry.
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