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At the extraordinary general meeting (EGM) held in Mumbai on December 13, 2016, a majority of shareholders of Tata Consultancy Services voted to oust Cyrus Mistry as director from the company’s board.
In This Pic : Cyrus Mistry
Pic Courtesy : BCCL - Non Copyright
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93.11 percent of the votes were in favour of the resolution to remove Mistry, while the remaining voted against.
In This Pic : Cyrus Mistry
Pic Courtesy : BCCL - Non Copyright
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The company said holders of 86.71 percent company’s equity shareholders voted in the EGM.
In This Pic : Cyrus Mistry
Pic Courtesy : BCCL - Non Copyright
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The Life Insurance Corporation of India (LIC) did not vote in the EGM.
In This Pic : Cyrus Mistry
Pic Courtesy : BCCL - Non Copyright
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Calling the results a big moral victory for Cyrus and governance, the Mistry office said almost 20 percent of shareholders of TCS that accounts for more than 70 percent of non-promoter shareholders supported Cyrus by voting against the resolution or abstained, expressing disapproval of the promoter actions.
In This Pic : Cyrus Mistry
Pic Courtesy : BCCL - Non Copyright
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