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Tata Steel on Friday removed Cyrus Mistry as chairman of the company and replaced him with OP Bhat as an independent director in the company.
The company also said that it called for an extraordinary general meeting (EGM) on 21 December to remove Nusli N Wadia as a director of the company.
Last month, Mistry was removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata as the interim chairman.
Sources close to Cyrus Mistry said that they believed that this decision was an unprecedented erosion of core Tata values, which will be damaging Brand Tata.
The sources added that a circular was initiated to replace the Chairman minutes before a convened and pre-scheduled board meeting.
Also Read: How To Remove A Chairman: The Tata Sons Way
(With inputs from ANI and PTI)
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