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93.11 percent stakeholders vote Cyrus Mistry out as director of Tata Consultancy Services

News Agencies | First published: 14 December 2016, 8:04 IST
93.11 percent stakeholders vote Cyrus Mistry out as director of Tata Consultancy Services
93.11 percent stakeholders vote Cyrus Mistry out as director of Tata Consultancy Services

Cyrus P Mistry on 13 December was removed as director of Tata Group's crown jewel, Tata Consultancy Services (TCS) with 93.11 per cent of shareholders present at the extra-ordinary general meeting voting for his ouster.

Of the 197.04 crore shares in TCS, 170.85 crore shares were polled at the EGM called to consider a special resolution moved by Tata Sons seeking removal of Mistry.

Of the shares voted, 93.11 per cent voted for the resolution while 6.89 per cent voted against, the company said.

The number of shares voted represented 86.71 per cent of the total shareholding of TCS.

Tata Sons, which is the holding company of the USD 103 billion salt-to-software conglomerate, holds over 73 per cent of TCS shares.

Mistry was on October 24 abruptly removed as Chairman of Tata Sons but he continues to head several operating companies of the Group. His predecessor Ratan Tata, who replaced Mistry as the interim chairman, is trying to tighten his grip by seeking to removal Mistry from boards of the operating companies as well.

Previously, Tata Industries - a subsidiary of Tata Sons, removed Mistry as Director after a shareholder vote. After his removal from board, Mistry also ceased to be the Chairman of Tata Industries.

Tata Sons by virtue of its commanding shareholding had last month removed Mistry as Chairman of TCS and brought old hand Ishaat Hussain in the interim. Mistry, however, had continued on the company board and could have been removed only by a shareholder vote.

On requisition of Tata Sons, TCS called an extraordinary general meeting (EGM) where Mistry was voted out. A similar meet of shareholders of unlisted Tata Teleservices is scheduled for 14 Dcemeber. EGMs of other group firms like Tata Motors, Tata Power, Tata Chemicals and India Hotels are scheduled for next week.

--PTI

First published: 14 December 2016, 8:04 IST
 
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