Singapore Airlines to get 25.1 pc stake in enlarged Air India group
The November 2022 deal between Singapore Airlines and Tata Sons to further inject USD 267 million into Air India is one of the key strategic initiatives for future growth.
Cyrus P Mistry was on Tuesday removed as director of Tata Group’s crown jewel, Tata Consultancy Services (TCS) with 93.11 per cent of shareholders present at the extraordinary general meeting (EGM) voting for his ouster.
Of the 197.04 crore shares in TCS, 170.85 crore shares were polled at the EGM called to consider a special resolution moved by Tata Sons seeking removal of Mistry.
Of the shares voted, 93.11 per cent voted for the resolution while 6.89 per cent voted against, the company said. The number of shares voted represented 86.71 per cent of the total shareholding of TCS.
Tata Sons, which is the holding company of the $103 billion salt-to-software conglomerate, holds over 73 per cent of TCS shares.
Mistry was on October 24 abruptly removed as Chairman of Tata Sons but he continues to head several operating companies of the Group. His predecessor Ratan Tata, who replaced Mistry as the interim chairman, is trying to tighten his grip by seeking to remove Mistry from boards of the operating companies as well.
On Monday, Tata Industries, a subsidiary of Tata Sons, removed Mistry as director after a shareholder vote. After his removal from the board, Mistry also ceased to be the Chairman of Tata Industries.
Tata Sons by virtue of its commanding shareholding had in November removed Mistry as TCS chairman and brought old hand Ishaat Hussain in the interim. Mistry, however, had continued on the company board and could have been removed only by a shareholder vote.
On requisition of Tata Sons, TCS called an EGM here where Mistry was voted out.
A similar meet of shareholders of unlisted Tata Teleservices is scheduled for Wednesday. EGMs of other group firms like Tata Motors, Tata Power, Tata Chemicals and India Hotels are scheduled for next week.
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