Tata Consultancy Services (TCS) announced before the markets hours on Thursday that Ishaat Hussain will be the new chairman of the board of directors of the company in place of Cyrus Mistry with immediate effect.
“The Company has received a letter dated November 9, 2016 from Tata Sons Limited nominating Ishaat Hussain as the chairman of the board of directors of the company in place of Cyrus P Mistry with immediate effect,” TCS said in the BSE filing.
“In view of this, Mistry has ceased to be the chairman of the board of directors of the company and Hussain is the new chairman of the company,” it added.
The IT major informed that “Hussain shall hold office as chairman of the company until a new chairman is appointed in his place”.
“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,” according to the statement.
Meanwhile, TCS was trading higher by 1.5 per cent in the second hour of trade on Thursday.