Tata Consultancy Services Ltd (TCS) will on Tuesday hold an extraordinary general meeting (EGM) seeking shareholders’ vote 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 the software services firm. On Monday, Mistry was removed as director and chairman of Tata Industries following a shareholders’ vote.Tata Sons Ltd has been stepping up the pressure on Mistry ever since he was sacked as chairman of the holding company on 24 October. It has made several allegations against Mistry, including betraying trust and trying to gain control of major operating firms, concentrating powers and using free hand given to him to weaken management structures of the Tata Group. Last week, in a letter to shareholders of the companies, Ratan Tata said the continued presence of Mistry in their respective boards was a serious “disruptive influence” and could make the companies “dysfunctional”.

Targeting Ratan Tata, Mistry had also alleged that individuals prone to “impulsive control” have exposed the Tata Group to perilous violation of regulatory requirements, and his fight was to protect the conglomerate from “capricious” decision-making by the interim chairman.

 

http://www.livemint.com/Companies/HjhMxJQdqaIKTQeOL2C08J/Cyrus-Mistry-to-face-TCS-shareholders-vote-today.html

Advertisements