TIL Desk/Business/Mumbai-The Tata Steel board met on Friday, the second time since Cyrus Mistry was removed as Tata Sons chairman on October 24, and moved a resolution to remove him from the helm of the company. He was replaced by independent director O P Bhatt. Six directors supported the resolution while three, including independent director Nusli Wadia, opposed the move. O P Bhatt was elected as the chairman of the company till the extraordinary general meeting (EGM) of shareholders on December 21.
“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 also 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,” a Tata Steel statement to the stock exchanges said.
“O P Bhatt was appointed as an independent director of the company on June 10, 2013. He has served as the chairman of State Bank of India, India’s largest commercial bank. He serves as an independent director on several board including Standard Chartered Bank, Tata Consultancy Services and Hindustan Unilever,” the statement said.
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