Cyrus Mistry removed as Tata Teleservices Director
Posted on:17 Dec 2016 09:23:45
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17 December 2016 Current Affairs: Cyrus Mistry was removed as director from the Tata Teleservices Board. The decision was taken at an extended general meeting (EGM) of the company in Mumbai.
Tata Teleservices Maharashtra, the listed unit of Tata Teleservices, communicated this decision to the stock exchange.
With this removal, the Tata Teleservices has joined other Tata Group companies that removed Mistry from key positions.
Earlier, Tata Industries and Tata Consultancy Services (TCS) removed Mistry as a director. In November 2016, the Tata Global Beverages removed him as the Chairperson.
The slew of actions against Cyrus Mistry began with his removal as Tata Sons Chairman on 23 October 2016.
Though the specific reasons for Mistry’s removal are not clear, it is understood that differences between Ratan Tata and Mistry on the core philosophy of the company led to his removal.
Tata Teleservices Ltd : It spearheads the Tata Group’s presence in the telecommunication sector.
It is one of India’s leading mobile telecom service providers delivering mobile connectivity and services to consumers across the country.
It offers integrated telecom solutions to its customers across wireline and wireless networks on GSM, CDMA and 3G platforms.It offers the services under two brand names – Tata Docomo and Tata Photon.
The company’s promoters are Tata Sons and NTT Docomo. They own 36.17% and 26.5% shares respectively.Tata Group companies that own shares in Tata Tele are Tata Communications (9.33%), Tata Power (6.97%), Tata Industries (5.46%), Tata Steel (1.37%) and Tata Capital Financial Services (1.32%).
At present, Ratan Tata is its interim chairperson. He is also the interim chairperson of the Tata Sons Ltd.
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