Tata ousts Mistry from board; purge stepped up

Kuwait Times - - BUSINESS -

MUM­BAI:

In­dia’s Tata has ousted Cyrus Mistry as a di­rec­tor of its cash cow IT business Tata Con­sul­tancy Ser­vices as the In­dian con­glom­er­ate steps up its purge of its for­mer chair­man. TCS said in a state­ment late on Tues­day that share­hold­ers had voted over­whelm­ingly at an ex­tra­or­di­nary gen­eral meet­ing in In­dia’s com­mer­cial Mum­bai to dump Mistry from its board. In the state­ment to the Na­tional Stock Ex­change of In­dia it said that Mistry is “hereby re­moved from the of­fice of Di­rec­tor of the Com­pany with ef­fect from the date of this meet­ing”. Mistry was un­cer­e­mo­ni­ously sacked in October as chair­man of Tata Sons, the hold­ing com­pany of In­dia’s most fa­mous fam­ily con­glom­er­ate-the $103 bil­lion steel-tos­alt Tata Group. The shock move saw com­pany pa­tri­arch Ratan Tata re­assert his au­thor­ity over the sprawl­ing group. Tata Sons has called for its op­er­at­ing com­pa­nies to hold EGMs to oust Mistry from their var­i­ous boards. TCS was the lat­est, and big­gest, to do so.

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