Monday, April 28, 2025
10:19 PM
Doha,Qatar
Cyrus Mistry

India's Tata Sons removes Mistry as TCS chairman

India's No. 1 software services firm, Tata Consultancy Services (TCS), a majority-owned unit of Tata Sons, said on Thursday it received a letter from Tata Sons nominating Ishaat Hussain as interim chair of TCS in place of Cyrus Mistry.

Last month, Mistry was ousted as chairman of Tata Sons in a surprise move, and was replaced by Ratan Tata as interim chair. A similar move to unseat Mistry from TCS, the crown jewel in the Tata conglomerate portfolio, was anticipated given the bitter war of words that has erupted between the two sides following Mistry's ouster.
With Tata Sons controlling an over 70 percent stake in TCS, lawyers had noted that removing Mistry as chair of the software and services company, would be a much easier task than removing his as chair of many other ventures that Tata Sons do not own a majority stake within.
"Mistry has ceased to be the Chairman of the Board of directors of the company, and Hussain is the new Chairman of the company," TCS said in a securities filing, adding Hussain will remain TCS chairman until a permanent new replacement is named.
Meanwhile, Tata Sons has called for an extraordinary general meeting of shareholders to consider a resolution for removal of Mistry as TCS director.
Hussain, a director of several Tata companies, including Tata Steel and air conditioning and engineering arm Voltas Ltd, currently serves as chairman of Voltas and satellite television provider Tata Sky.
Mistry's ouster has triggered a public spat between him and Tata Sons, which has also pushed some of Mistry's closest aides out of the group.
Mistry, whose family controls an 18.41 percent stake in Tata Sons, continues to be the chair of some of the key listed group companies such as Indian Hotels, Tata Motors and Tata Steel.
Tata Sons owned a 73.26 percent stake in TCS, as of Sept, 30, according to exchange data. Shares of Tata Consultancy Services are down some 11 percent this year up to Wednesday's close.

Comments
  • There are no comments.

Add Comments

B1Details

Latest News

SPORT

Canada's youngsters set stage for new era

Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.

1:43 PM February 26 2017
TECHNOLOGY

A payment plan for universal education

Some 60mn primary-school-age children have no access to formal education

11:46 AM December 14 2016
CULTURE

10-man Lekhwiya leave it late to draw Rayyan 2-2

Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions

7:10 AM November 26 2016
ARABIA

Yemeni minister hopes 48-hour truce will be maintained

The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged

10:30 AM November 27 2016
ARABIA

QM initiative aims to educate society on arts and heritage

Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.

10:55 PM November 27 2016
ARABIA

Qatar, Indonesia to boost judicial ties

The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.

10:30 AM November 28 2016
ECONOMY

Sri Lanka eyes Qatar LNG to fuel power plants in ‘clean energy shift’

Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.

10:25 AM November 12 2016
B2Details
C7Details