News Nation Logo

BREAKING

Cyrus Mistry removed as TCS director with 93% shareholders vote against him

Of The 197.04 Crore Shares In TCS, 170.85 Crore Shares Were Polled At The EGM Called To Consider A Special Resolution Moved By Tata Sons Seeking Removal Of Mistry.

PTI | Updated on: 13 Dec 2016, 11:54:56 PM
A file photo of former TCS chairman Cyrus Mistry.

Mumbai:

Cyrus P Mistry was removed as director of Tata Group's crown jewel, Tata Consultancy Services (TCS) on Tuesday with 93.11% of shareholders present at the extra-ordinary general meeting voting for his ouster.

Of the 197.04 crore shares in TCS, 170.85 crore shares were polled at the EGM called to consider a special resolution moved by Tata Sons seeking removal of Mistry.

Of the shares voted, 93.11% voted for the resolution while 6.89% voted against, the company said.

The number of shares voted represented 86.71% of the total shareholding of TCS.

Tata Sons, which is the holding company of the 103 billion dollar salt-to-software conglomerate, holds over 73% of TCS shares.

Read | Cyrus Mistry says not after office as TCS shareholders vote on his fate

Mistry was on October 24 abruptly removed as chairman of Tata Sons but he continues to head several operating companies of the Group.

His predecessor Ratan Tata, who replaced Mistry as the interim chairman, is trying to tighten his grip by seeking to removal Mistry from boards of the operating companies as well.

Tata Industries - a subsidiary of Tata Sons, removed Mistry on Monday as director after a shareholder vote. After his removal from board, Mistry also ceased to be the chairman of Tata Industries.

Tata Sons by virtue of its commanding shareholding had last month removed Mistry as chairman of TCS and brought old hand Ishaat Hussain in the interim.

Mistry, however, had continued on the company board and could have been removed only by a shareholder vote. On requisition of Tata Sons, TCS called an extraordinary general meeting (EGM) here where Mistry was voted out.

A similar meet of shareholders of unlisted Tata Teleservices is scheduled for Wednesday. EGMs of other group firms like Tata Motors, Tata Power, Tata Chemicals and India Hotels are scheduled for next week.

For all the Latest Business News, Companies & Commodities News, Download News Nation Android and iOS Mobile Apps.

First Published : 13 Dec 2016, 11:49:00 PM

Related Tags:

Videos