Ishaat Hussain replaces Mistry as new chairman of TCS

Mumbai: The Tata Sons has appointed Ishaat Hussain as the interim Chairman of Tata Consultancy Service (TCS) on Thursday in place of Cyrus Mistry who was sacked from his post earlier in October. According to a statement issued to the stock exchanges the TCS also stated that Tata Sons has also issued a special notice to convene an extra ordinary general meeting (EGM).

What the statement read:

• The statement that was given to the exchanges said, "The Company has received a letter dated November 09, 2016 from Tata Sons Limited nominating Mr. Ishaat Hussain as the Chairman of the Board of Directors of the Company in place of Mr. Cyrus P. Mistry with immediate effect.”
• The statement further said, “In view of this, Mr. Mistry has ceased to be the Chairman of the Board of Directors of the Company and Mr. Hussain is the new Chairman of the Company. The Company has been further informed that Mr. Hussain shall hold office as Chairman of the Company until a new Chairman is appointed in his place."
• The statement that came from Tata Consultancy Services also mentioned about the EGM being convened.
• It stated, "Tata Sons Limited has issued a special notice under Section 169 read with Section 115 of the Companies Act, 2013 and a requisition for convening an extraordinary general meeting of shareholders of the Company under Section 100(2) of the Companies Act, 2013 to consider a resolution for the removal of Mr. Cyrus P. Mistry as Director of the Company."
• It may be mentioned that Tata Sons holds 73.33 per cent stake in TCS.

About Ishaat Hussain:

• Hussain had joined the Board of Tata Sons as an Executive Director on July 1, 1999.
• He was holding the post of Finance Director of Tata Sons Ltd. beginning July 28, 2000.
• He had also served the Senior Vice President and Executive Director – Finance in Tata Steel for almost 10 years.
• Besides being the member of Board of Directors of Tata Sons Limited, he was also the Chairman of Voltas Limited and Tata Sky Limited.
• He is also on the boards of several Tata Companies such as Tata Steel, Tata Industries, Tata Teleservices, Titan Industries Limited
• Hussain was appointed a member of the Board of Trade in April 2005.
• In November 2006, he was appointed a Public Interest Director of Bombay Stock Exchange Limited.
• He was appointed a Trustee on the board of India Foundation for the Arts (IFA) in 2008.

It may be mentioned that Cyrus Mistry was sacked as the chairman of Tata Sons on October 24 last. He was serving as the chairman since December 2012.