Ishaat Hussain appointed as interim Chairman of TCS
Posted on: 10 Nov 2016 18:01:35
10 November 2016 Current Affairs: Tata Sons Ltd has announced the appointment of Ishaat Hussain as the Chairman of IT giant, Tata Consultancy Services (TCS) with immediate effect. He will hold the position until the name of a new chairman is announced.
The announcement was delivered to the company (TCS) through a letter dated 9 November 2016 from Tata Sons Ltd. Hussain succeeds Cyrus Mistry, who was ousted from the position on 23 October 2016 by the board of Tata Sons Ltd. At that time, the board appointed Ratan Tata as the Interim Chairman of the group until another suitable candidate was chosen.
Ishaat Hussain : He is a member of the board of Tata Sons and the Director of several Tata companies such as Tata Industries, Tata Steel and Voltas.
He is also the Chairman of Voltas and Tata Sky.He is a member of the Securities and Exchange Board of India (SEBI) committees on insider trading and primary capital markets.He is also a member of Confederation of Indian Industries finance committee.
Prior to Tata Sons, Hussain served as the senior Vice President and Executive Director of finance at Tata Steel for around 10 years.
He joined the board of the Indian Tube Company (a Tata Steel associate company) in 1981 and moved to Tata Steel in 1983 after the merger of both the companies.
A pass out from the Doon School, he graduated in economics from St Stephens College, New Delhi and completed Chartered accountancy from the Institute of Chartered Accountants in England and Wales (FCA).
Apart from this, Tata Sons also 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 Cyrus P Mistry as Director of the Company.
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