Ishaat Hussain Replaces Cyrus Mistry As TCS Chairman, Know About Him

The Logical Indian

November 10th, 2016

TCS Chairman

Image Courtesy: twimgtcs

Tata Sons, which owns 74 per cent stake in Tata Consultancy Services (TCS), on Thursday announced that it is nominating Ishaat Hussain as the interim chairman of TCS in the place of Cyrus Mistry with immediate effect.

Hussain will be holding the office as a chairman until a new chairman is appointed in his place.

TCS said Tata Sons Ltd has also issued a special notice under Section 169 read with Section 115 of the Companies Act, 2013, for convening an extraordinary general meeting of shareholders to consider a resolution for the removal of Cyrus Mistry as the Director of the company.

This is the first time that there is news of Tata Sons moving to replace Mistry as the Chairman of a group company. However, expectedly, it will not be easy for Tata Sons to remove Mistry from other group companies like Tata Chemicals, Tata Steel and Tata Motors, where it holds very low stakes.

The independent directors of Indian Hotels have endorsed Mistry after he was ousted from Tata Sons in a dramatic move by former chairman Ratan Tata.

Hussain, who is a Chartered Accountant from England and Wales, has been associated with the Tata Group since 1983 after Indian Tube was merged with Tata Steel. He was appointed as the Public Interest Director of Bombay Stock Exchange Limited in 2006.

Hussain took over as Finance Director of Tata Sons Ltd in 2000.  Prior to joining Tata Sons, he  served as the Senior Vice-President and Executive Director – Finance in Tata Steel for almost 10 years.

Share your thoughts..

Propelled by

VOLVO

Make Your City Safe

Related Stories

Bhushan Steel Limited Emerges Out Of Bankruptcy As Tata Steel Takes Over

Maharashtra Government To Set Up Free Chemotherapy Centres In 10 District Hospitals

Employment

Companies On Laying Off Spree: Thousands Fired Due To Slow Growth

Employment

Companies On Laying Off Spree: Thousands Fired Due To Slow Growth

Most Newsworthy Events Of 2016

A List Of The Most Newsworthy Events Of 2016 In India

Supreme Court Cancels Singur Land Deal Of Tatas Which Was For Nano, Know About It

Latest on The Logical Indian

News

PMO Proposes Change In Cadre (State) & Service Allocation Process Of UPSC Candidates

News

Gujarat: Five Arrested For Flogging A Rag Picker To Death After Video Surfaced

News

Kerala Nurse Sacrifices Life To Treat Nipah-Infected Patients, Govt Announces Compensation

News

Rs 127 Cr GST Fraud Unearthed In Mumbai, Two Accused Sent To 15 Days Judicial Custody

News

Sterlite Protest: Decades-Old Struggle Of Thoothukudi Against Vedanta’s Company

Awareness

India Ranks 145th Among 195 Countries In Healthcare Access, Quality: Lancet