There's been a double ousting at Tata Steel

Helen Cahill
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Tata Steel Prepares To Make Redundancies
It's all very dramatic (Source: Getty)

The Tata Steel board has ousted chairman Cyrus Mistry after Tata Sons, the principal shareholder of Tata Steel, called for a vote on the matter.

Director Nusli Wadia has also been removed from the board.

Read more: Ousted Tata chairman Mistry to remain head of Tata Steel

In a statement to the Bombay Stock Exchange, Tata Steel said "in view of the current situation" the board voted in an extraordinary meeting to replace Mistry with O.P Bhatt.

The decision follows Mistry's removal from the chairmanship of Tata Sons last month. Mistry's predecessor Ratan Tata became interim chairman, and has since pressed to push Mistry off the board of Tata Steel as well.

Read more: Now three Tata executives have quit

Tata Steel's statement said: "Mr Bhatt will serve as chairman till the outcome of the extraordinary general meeting (EGM) of the company.

"The board appointed the independent director as the chairman keeping in mind principles of good corporate governance and to provide impartial leadership to the company in its preparation and conduct of the EGM.

"This decision was taken to ensure stability to the company and in the larger interest of Tata Steel's stakeholders including but not limited to employees, trading partners, financial stakeholders and local community around its operations."

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