New Delhi: Tata Consultancy Services Ltd (TCS), India’s biggest technology services firm by sales, held an extraordinary general meeting (EGM) for a shareholders’ vote on a resolution to oust Cyrus Mistry as a director of the company. The move comes a month after Mistry was replaced by Ishaat Hussain as chairman of India’s biggest technology services firm by sales.
On Monday, Mistry was removed as director and chairman of Tata Industries following a shareholders’ vote. Earlier,Mistry made a final appeal to TCS shareholders before they cast their vote on his removal as director.
Here are the latest developments:
• EGM concludes, voting result awaited. Some shareholders seek elaborate reasoning for Mistry’s removal.
• Many shareholders speak in favour of motion to remove Mistry from TCS board; a few question it as well.
• Company secretary reads out Mistry’s statement at TCS EGM. Ratan Tata sitting in audience in first row.
• Independent director Aman Mehta starts EGM proceedings, says removal of Mistry from directorship is in best interest of TCS.
• Mistry abstains from TCS EGM. Interim chairman Ishaat Hussain recuses himself from conducting the meet. Ishaat Hussain was one of the two directors (Farida Khambata was the other one) who abstained from voting for Mistry’s removal as chairman of Tata Sons in the 24 October meeting of the holding company of the Tata group.