TCS says Cyrus Mistry's removal in best interest of co

Tata Consultancy Services (TCS) on Monday said that the company will seek shareholder nod on December 13, 2016 to remove Cyrus Mistry from its board. 

In a statement, TCS said, “It may be noted that the board of directors of Tata Sons has lost confidence in Cyrus P. Mistry to lead Tata Sons for a combination of several factors. Mistry has made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons but also on Tata Group as an whole of which TCSL is an integral part.  Communications which were ‘confidential’, was made public."

It further said, "Mistry’s conduct has caused enormous harm to the Tata group, TCS and its stakeholders, including employees and shareholders. Following it, TCS are in agreement with removal of Mistry as Director of the company as the same would be in the best interests of TCS."

On October 24, 2016, Tata Sons decided to replace Cyrus P. Mistry as an Executive Chairman and cancelled all his executive powers. 

Shares of TCS was trading flat at Rs 2122.95 per share on BSE on Monday morning.