The board of Tata Group's crown jewel TCS on Thursday met for the first time under the newly appointed Chairman Ishaat Hussain, but ousted chairman Cyrus Mistry, who continues to be a director, was not present. It was decided that tata will hold extraordinary general meeting (EGM) on December 13 and on its EGM it may ask its shareholdres to vote to outser ts former chairman, Cyrus Mistry, as director.
In a statement, the company said, “It has been decided to convene an extraordinary general meeting (EGM) pursuant to the special notice and requisition dated November 9 sent by Tata Sons Limited… and if thought fit, to pass a resolution for removal of Mr C P Mistry as director.”
The board of country's largest software exporter met at its office in downtown Mumbai in the morning, days after promoter Tata Sons replaced Mistry with Hussain and also an announcement to have a special shareholders' meeting to ease him as a director.
The directors started streaming into the company office starting 9 am for the meeting, which sources said was scheduled for 11 am. It ended around noon, but the directors exiting TCS House were tight-lipped about any decision.
It was widely expected that the board would decide on a date of the EGM against the backdrop of majority stakeholder Tata Sons seeking shareholders' approval to remove Mistry as a director.
Tata Sons made use of one of the statutes that makes it possible to nominate the chairman of the board and replaced Mistry with group veteran Hussain. Refusing to answer media queries, Hussain said communication will happen only through an official statement which is yet to come.
Two of the directors -- Hussain and MD and CEO N Chandrasekaran -- left for group headquarters Bombay House for Tata Sons' board meet late in the afternoon.