Mr. Cyrus Mistry has ceased to be the Chairman of the Board of Directors of the Tata Consultancy Services (TCS). Recently, the news revealing the ongoing split between Mr. Mistry and Ratan Tata created a lot of buzz everywhere. And now, the latest news following the ouster of Cyrus Mistry as TCS chief is garnering tremendous attention.
With the removal of Cyrus Mistry from the post, the search for the new chairman of Tata Sons got started. And Mr. Ishaat Hussain is appointed as the new chairman of the company but under terms and conditions.
Scroll further to know what Tata Sons have more to reveal.
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There was already a rift going on between Tata Group and Mr. Mistry and finally the war took a dramatic turn.
In a statement issued to the Bombay Stock Exchange, TCS said that it received a notice from parent Tata Sons regarding the new chairman of the Company.
And to take a step further the company nominated the new chairman.
The 69-year-old Ishaat who holds various key posts in several Tata group companies replaces Mr. Mistry.
A new chairman gets appointed in his place.
The meeting would even discuss the removal process of Mr. Mistry.
Tata Sons hold a majority of shares in the TCS which made it easier for them to appoint a new chairman.
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