Mumbai: Shareholders of Tata group's crown jewel TCS will today vote on a resolution to remove Cyrus Mistry as the company's director -- a crucial test for both Ratan Tata and the ousted Tata Sons Chairman in their ongoing board room war.
The result would influence the fate of Mistry, who was on Monday removed as director and Chairman of Tata Industries following shareholders' vote, first such instance of the embattled executive being ousted from the board since his removal as Tata Group chairman in October.
On November 17, TCS board decided to call Extraordinary General Meeting (EGM) “pursuant to the Special Notice & Requisition dated November 9, 2016 sent by Tata Sons, shareholder of the company holding 73.26 per cent of the paid-up equity share capital of the company”.
Tata Sons seeks to pass a shareholder resolution for removal of Mistry as director after removing him as Chairman on November 10, replacing him with Ishaat Hussain.
It had made use of one of the statutes that makes it possible to nominate the chairman of the board, while replacing Mistry with group veteran Hussain.
The Mistry camp had lashed out at his removal as Chairman of TCS calling it as a reflection of “cloak and dagger” machinations that define “the angry strategy of the Ratan Tata camp”.
