Tata ousts Mistry from board as purge is stepped up

AFP, 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-to-salt 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.
Tata Industries removed Mistry as director on Monday. Other group companies including Indian Hotels Co. Ltd, Tata Steel, Tata Motors, and Tata Chemicals are scheduled to hold EGM’s in the next week to decide Mistry’s fate. 

Tata ousts Mistry from board as purge is stepped up

AFP, MUMBAI: Indias 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 Indias 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 Indias most famous family conglomeratethe $103 billion steel-to-salt 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. Tata Industries removed Mistry as director on Monday. Other group companies including Indian Hotels Co. Ltd, Tata Steel, Tata Motors, and Tata Chemicals are scheduled to hold EGMs in the next week to decide Mistrys fate.