Mumbai — Shareholders of Tata Sons voted on Thursday to convert the holding company to a private entity, a move that was opposed by ousted chairperson Cyrus Mistry, according to a person familiar with the matter. The motion introduced by the board led by Tata Trusts, which controls 66% 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% to shareholders outside the company. The voting result extends an almost year-long corporate feud between the $105bn Tata Group and one of India’s richest families. Mistry had been hand picked by scion Ratan Tatam, 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 spokesperson for Mistry declined to immediately comment, while an e-mail sent to the Tata Sons’ media o...
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