Cyrus Mistry to chair Indian Hotels Company,IHCL board meet on Friday

curus-mistry IHCLOusted Tata Sons Chairman Cyrus Mistry is set to chair the board meeting of Indian Hotels Company (IHCL), a Tata Group firm, at Bombay House, the corporate headquarters of the group, on Friday.

The meeting may be crucial given that the board members include Cyrus Mistry as chairman, his elder brother Shapoor Mistry, Industry veteran and HDFC Chairman Deepak Parekh and Godrej Industries Managing Director Nadir Godrej.

The other members include Keki Bomi Dadiseth, Ms. Ireena Vittal, Ms. Vibha Paul Rishi, Mr. Gautam Banerjee, Mr. Rakesh Sarna (Managing Director and CEO) and Mr. Mehernosh S. Kapadia (Executive Director – Corporate Affairs).

Troubled legacy?

In a letter to Tata Sons board last week, Mr. Mistry had raised questions about selling overseas properties of Indian Hotels and Orient Hotels at a loss. “The onerous terms of the lease for Pierre in New York are such that it would make it a challenge to exit. IHCL, beyond flawed international strategy, has acquired the Searock property at a highly inflated price and housed in an off-balance sheet structure. In the process of unravelling this legacy, IHCL has had to write down its entire net worth over the past three years,” said Mr. Mistry adding that this impaired its ability to pay dividends.

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