Independent directors of Tata Motors back Cyrus Mistry

Monday scored what is being seen as a significant moral victory when he received the backing of the independent directors of yet another major Tata Group company, Tata Motors.

In fiscal 2016, the auto major contributed 40% to the conglomerate's $103 billion turnover and was once considered to be close to Mistry's predecessor and interim replacement Ratan Tata's heart.   Stock Market Astrology



After a board meeting that lasted nearly five hours, the Tata Motors company secretary , H K Sethna, issued the stock exchanges a statement saying, "The independent dire ctors have confirmed that all decisions taken by the board with regard to the strategy , operations and business of the company have been unanimous and executed by the chairman and the management accordingly ."

People close to the new dispensation at Bombay House argued that the Tata Motors statement was more "guarded and veiled" in that it did not mention Mistry by name, instead referring to him as "chairman". Intraday Trading Tips



But the Mistry camp was quick to counter, saying that the Tata Chemicals letter of November 10 hadn't named Mistry either, and that "chairman means Mistry". It pointed out that the wording of all the three statements issued by IHCL, Tata Chemicals and Tata Motors were very similar in expressing their "confidence" in the respective managements, except that the one on behalf of the independent directors of the hotels company had gone a step further and "praised" Mistry by name.   Commodity Trading Tips



The Tata Motors communique says, "The independent directors have further affirmed that the company continued to be governed, supervised and managed under the guidance and direction of the board. The management of the company and its subsidiaries have the full confidence and support of the independent directors."          Nifty Trading Tips



All the six independent directors of the 11-member Tata Motors board met separately before the full board meeting to "review the impact and significance of recent events and media reports relating to the governance, management and business of the company".There are reports that one of the independent directors felt there was no need to send the stock exchanges a communique on the deliberations of their meeting, but the director in question could not be reached for confirmation.         Future & Option Trading Tips