Cyrus Mistry Removed As TCS Chairman, Ishaat Hussain Steps In

The Tatas have made their next move against Cyrus Mistry, removing him as chairman of group company Tata Consultancy Services or TCS. They have also sought a special meeting of the board of another group company, Indian Hotels, to remove Mr Mistry as its director.

TCS, India’s biggest software services exporter, said it had received a letter from majority owner Tata Sons nominating Ishaat Hussain as interim chairman of the company in place of Mr Mistry.

“Mistry has ceased to be the chairman of the board of directors of the company, and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as chairman of the company until a new chairman is appointed,” TCS said in a filing with the exchanges.

Tata Sons has also called for an extraordinary general meeting of shareholders to consider a resolution for removal of Mr Mistry as a director on the TCS board.

Tata Sons is the holding company of the $100 billion conglomerate. Last month, Cyrus Mistry , 48, was ousted as chairman of Tata Sons in a surprise move, and was replaced by Ratan Tata as interim chair.

Mr Mistry’s ouster last month has triggered a public spat between him and Tata Sons, which has also pushed some of his closest aides out of the group. His family controls an 18.41 per cent stake in Tata Sons.

Ishaat Hussain, who is close to Ratan Tata, is a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd , and currently serves as chairman of Voltas and satellite television provider Tata Sky.

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Source:Ndtv

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