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Cyrus Mistry removed as director of TCS after 93 percent shareholders vote for his ouster

By : IANS | Updated at : 14 Dec 2016 07:36 AM (IST)

Mumbai: The shareholders of Tata Consultancy Services (TCS) on Tuesday ousted Cyrus Mistry as a Director of the company.

Tata Sons had earlier asked Mistry to step down from the boards of Tata companies after it removed Mistry as its chairman on October 24 and appointed Ratan Tata as the interim Chairman.
More than 93 per cent shareholders of Tata Consultancy Services (TCS) voted to oust Cyrus Mistry as the Director of the company.
According to a regulatory filing with the stock exchanges, 93.11 per cent of TCS' shareholders voted Mistry out of its board of directors in an extra-ordinary general meeting (EGM) held on Tuesday.
However, the ousted Chairman of Tata Sons termed the development as "a big moral victory".
"Almost 20 per cent of shareholders of TCS that accounts for more than 70 per cent of non promoter shareholders supported Cyrus by voting against the resolution or abstained (expressing their disapproval of the promoter actions)," Mistry's office said in a statement.
On November 10, TCS had appointed Ishaat Hussain as its new Chairman of the board of directors of the company in place of Mistry.
Tata Sons had also issued a special notice under Section 169 (read with Section 115) of the Companies Act, 2013, and made a requisition for an EGM of shareholders to consider the removal of Mistry as the director of TCS.
The ouster comes a day after Tata Industries removed Mistry from its board of directors. The company had taken the decision at its EGM held on Monday.
Tata Industries is a non-listed subsidiary of Tata Sons. Several Tata companies, including Tata Motors, Tata Power and Tata Steel, hold equity in the firm.
Tata Sons had earlier asked Mistry to step down from the boards of Tata companies after it removed Mistry as its chairman on October 24 and appointed Ratan Tata as the interim Chairman.