Cyrus Mistry and Ratan Tata
Amid on-going boardroom battle at Tata Group, Finance Ministry has asked financial institutions including LIC and banks to keep a watch on developments to safeguard the interest of investors. Meanwhile, there have been other major developments over the weekend too. Here's a recap of what you may have missed:
Tata investor meet rescheduled to next quarter; Tata Sons want to approach independent directors too
The Tata investor meet scheduled for November 18 has been postponed to next quarter as the eindependent directors of Indian Hotels backing Mistry may have caught the Tatas off guard. The Tatas reportedly now will reach out to other independent directors that are on the board of several other Tata entities to explain their side of the story and the reasons that forced them to remove Mistry from the chairman’s post at Tata Sons.
The tussle between Ratan Tata and Cyrus Mistry has got the country’s largest bank worried. State Bank of India (SBI) has advised Tata Sons, now led by Tata, and Mistry camps, to resolve the conflict in an amicable way to avoid any adverse impact on the working of operating companies in the group.