TCS board in unanimous agreement to remove Cyrus Mistry at EGM
The Board of Directors of Tata Consultancy Services (TCS) at the extraordinary general meeting (EGM) held on Tuesday told shareholders that the board is in agreement to remove Cyrus Mistry.
The Board said that it was in the best interest of TCS to vote Mistry off the board of the company.
Interim chairman of Tata Sons, who replaced Cyrus Mistry after the company ousted him on October 24 was also present at the meet.
Earlier in November TCS said,“It may be noted that the board of directors of Tata Sons has lost confidence in Cyrus P. Mistry to lead Tata Sons for a combination of several factors. Mistry has made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons but also on Tata Group as an whole of which TCSL is an integral part. Communications which were ‘confidential’, was made public."
Mistry had already anticipated his removal as Tata Sons holds 73% share in the company and said, “outcome in this particular meeting is a foregone conclusion.”
Five other group companies - Indian Hotels, Tata Hotels, Tata Chemicals, Tata Power and Tata Steel - are also scheduled to have EGMS this month to remove Mistry from its Board of Directors.
Shares of TCS closed 0.24% lower at Rs 2,200.85 per share on BSE Sensex.