Mistry sacked; TCS gets new chairman
posted on Nov 10, 2016 @ 3:42PM
Tata Consultancy Services (TCS) told the Bombay Stock Exchange that it had received a notice from its parent Tata Sons nominating Ishaat Hussain as Chairman of the company, immediately replacing Cyrus Mistry. "The Company has received a letter dated November 09, 2016 from Tata Sons Limited nominating Mr. Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Mr. Cyrus P. Mistry with immediate effect. In view of this, Mr. Mistry has ceased to be the Chairman of the Board of Directors of the Company and Mr. Hussain is the new Chairman of the Company. The Company has been further informed that Mr. Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place," said the statement. Tata Sons is the largest shareholder in Tata Consultancy Services. Tata Sons holds 73.33 per cent stake in TCS. Tata Sons has also issued a notice calling for an extraordinary general body meeting to remove Mistry as a director of the company. The EGM will have to be held in 45 days.