ARTICLE · 15 SEPTEMBER 2017

The Tata-Cyrus Mistry Fallout Causes Shockwaves In India

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Shockwaves have been felt in India, following the Tata-Cyrus Mistry fallout, which could result in potentially significant exposures for Indian Insurers and global Reinsurers.

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Shockwaves have been felt in India, following the Tata-Cyrus Mistry fallout, which could result in potentially significant exposures for Indian Insurers and global Reinsurers.

Background

On 24 October 2016, in an unexpected turn of events, Cyrus Mistry, the Chairman of Tata Sons since October 2012 was removed as the Group Chairman after a brief stint of four years.

After Mistry's dismissal, there were calls for him to be ousted from the boards of other Tata connected companies.

In November, Mistry was dismissed as Chairman of Tata Consulting Services and then dismissed as Chairman of Tata Steel.

In December, Mistry resigned from the boards of several Tata companies before scheduled EGMs occurred, at which resolutions to dismiss him were expected.

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