Indian Hotels’ directors back Cyrus Mistry

Evidently, this round went to Mistry. Even as the company deliberated on the second quarter results and reported a net consolidated loss of Rs 38.38 crore, against Rs 116.79 crore for the like quarter of the previous year, not much emerged on the actual atmospherics of the meeting. But in a statement later, independent directors expressed full confidence in the chairman. 

“Taking into account board assessments and performance evaluations carried out over the years, the independent directors unanimously expressed their full confidence in the chairman, Cyrus Mistry, and praised the steps taken by him in providing strategic direction and leadership to the company,” it said. “After deliberations, the independent directors came to a view that being a listed company, it was imperative for the independent directors to state their views to the investors and public at large, such that those who trade in securities of the company make an informed decision.” The company’s said in a regulatory filing that its consolidated total income from operations stood at Rs 884.95 crore, against Rs 894.37 crore. After his ouster as Tata Sons chairman, Mistry had charged the management of Indian Hotels with selling properties at a loss.