Tata Sons shareholders vote to convert it to a private entity

Bloomberg

Shareholders of Tata Sons Ltd. voted to convert the holding company to a private entity, a move that was opposed by ousted Chairman Cyrus Mistry, according to a person familiar with the matter.
The motion introduced by
the board led by Tata Trusts, which controls 66 percent of
the company, dealt a blow to Mistry’s efforts to preserve the value of his family’s stake in India’s largest conglomerate.
A private company will restrict the Mistry family’s ability to sell its stake of about 18 percent to shareholders outside the company.
The voting result extends an almost year-long corporate feud
between the $105 billion cars-to-software Tata Group and one of India’s richest families.
Mistry had been hand picked by scion Ratan Tata, 79, before being ousted last October amid internal clashes over corporate governance and Mistry’s strategy of paring
an empire built through more than a decade of acquisitions. A spokesman for Mistry declined to immediately comment, while an email sent to the Tata Sons’ press office went unanswered.
The Tata Sons proposal at the annual shareholder meeting required approval from at least 75 percent of stakeholders and will now seek the endorsement of a local company court.