Was There Any Calm Before the Tata Board Meeting Storm?

These are the various accounts of the meeting that took place on 24 October.

Ratan Tata and Cyrus Mistry. (Photo: IANS)

The Tata Group board meeting that took place on 24 October was tumultuous to say the least but it’s clear that Mistry had no clue he was going to be sacked that day.

One version suggests the meeting lasted 30-45 minutes and a few minutes before the meeting began was the subject of his under-performance broached.

So, the meeting focused on his dismissal from the top-position of the group. Six of the eight board directors voted in favour of his removal and then proceeded to appoint Ratan Tata as the interim chairman. A selection committee was appointed to look for the new chairman.

As for Mistry, since he could not take six people head-on, he did seem to make the point that the proceedings were illegal in his letter to the board and Group on 25 October.

Another version of the story suggests that the members came prepared with arsenal against him while a third says that the relationship between Mistry and Tata had deteriorated over the last two years.

Read the full story on BloombergQuint.