Removal from Tata Teleservices not surprising, Mistry says
After being ousted from the third Tata Group company, Cyrus Mistry, former chairman of Tata Sons on Wednesday said that his removal was anticipated.
"Tata Teleservices like TCS entails a supermajority ownership by the Tata Group currently under the control of RNT. This outcome was foregone. Being a closely held company the outcome isn't surprising at all," sources close to Mistry said.
In yet another unanimous vote, Mistry was asked to leave Tata Teleservices last evening. Tata Sons owned a 36.17% stake in TTSL and NTT DoCoMo 26.5%.
On December 12 Mistry was voted out from Tata Industries and December 13 from Tata Consultancy Services (TCS)'s Board of directors.
TRENDING NOW
Shares of Tata Teleservices were trading lower 0.32% at Rs 6.20 per share in early trade session on BSE Sensex.
09:56 am
Tata Teleservices announces launch of UCaaS with Microsoft Teams; stock up nearly 7%
Buy, Sell or Hold: What should investors do with Tata Motors, Tata Tele and Rajesh Exports?
Buy, Sell or Hold: What should investors do with Vardhman Textiles, Elgi Equipment & Tata Tele?