Board member Ishaat Hussain becomes the new Chairman of TCS : Ishaat Hussain has been appointed by the Tata Sons as the Chairman of the group TCS in place of Cyrus Mistry, who was ousted in the month of October. TCS has received a letter dated 9th November, 2016 from Tata Sons Ltd nominating Ishaat Hussain as the Chairman of the Board of Directors of the company in place of Cyrus P Mistry with immediate effect.
In a regulatory filling, TCS said that Ishaat Hussain is the new Chairman of the company. TCS further said that Hussain shall hold office as the Chairman of the company until a new Chairman is appointed in his place.
TCS added that Tata Sons 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 Cyrus P Mistry as Director of the Company.
On 24th October, 2016, Cyrus Mistry was sacked as Chairman of Tata Sons and was replaced by Ratan Tata, from whom he had taken over the reins of the over USD 100 billion salt-to-software conglomerate four years ago.
The surprise development came after the Board of Tata Sons met and decided to replace Cyrus Mistry – 48-year-old and appoint Ratan Tata, 78, as interim head.
The board named a five-member search committee, which includes Ratan Tata, to choose a successor to Cyrus Mistry within four months.