As expected, TCS shareholders vote Mistry out of Board
Cyrus P Mistry was on Wednesday 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.