Tata Consultancy Services: Cyrus Mistry removed as director post 93% votes

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Cyrus Mistry with Ratan Tata
Cyrus Mistry with Ratan Tata

New Delhi : Cyrus Mistry has been removed as director of Tata Consultancy Services (TCS) with over 93% stakeholders voting for his ouster during the EGM.

Nearly 86% shareholders took part in voting and over 93% of them voted to put him out from the company.

He did found support from the institutional and public shareholders, but because Tata Sons have 73% stakes, their support didn’t do much for him. 

Mistry was not present at the TCS EGM, which lasted for over two hours. 

TCS’s minority shareholders were generally critical of the whole spat and bemoaned the declining share price, but seemed to favour Tata.

TCS’s shares have fallen 9.4% since Mistry’s ouster, while listed Tata group firms’ market cap has dropped Rs95,000 crore, or 12%.