Tata Sons move to oust Mistry as TCS director
TCS board met on Thursday and decided to hold an extraordinary general meeting on December 13 to decide on Cyrus Mistry's ousting as director
After dislodging Cyrus Mistry as chairman of Tata Consultancy Services (TCS), Tata Sons now wants to remove him as board director of the software arm.
According to financial daily Mint, the TCS board on Thursday decided to hold an extraordinary general meeting (EGM) on December 13 on removing Mistry as director. The 48-year-old Mistry was removed as group chairman on October 25.
Mistry reportedly didn’t attend the TCS board meeting.
The Times of India said Ishaat Hussain chaired the TCS meeting, which decided to convene an extraordinary meeting (EGM) on December 13 to remove Mistry as a director from its board. On November 10, Tata Sons had said Hussain will replace Mistry as TCS chairman.
TCS is among the companies under the group where Mistry is a director (and in some cases, also chairman). Tata Sons, the holding company of the group of more than 100 firms, has requested shareholder meetings in others such as Indian Hotels, Tata Steel, Tata Motors and Tata Chemicals.
Tata Sons controls 73.26 % in TCS and hence the outcome is expected to be in its favour.
To pass the resolution, Tata Sons needs the support of at least 51% of shareholder votes.