Tata Sons cannot appoint, only nominate TCS chairman: source

November 10, 2016 2:32 AM EST

A private security guard stands at the exit gate of the headquarters of Tata Consultancy Services (TCS) in Mumbai, India October 13, 2016. REUTERS/Shailesh Andrade/File Photo


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MUMBAI (Reuters) - Tata Sons, parent and biggest shareholder of Tata Consultancy Services (TCS) (NYSE: TCS), can only nominate a new chairman for the company but not appoint him without the approval of the board of directors, a source close to Cyrus Mistry said on Thursday.

TCS, India's No. 1 software services provider by revenue, in a statement to the stock exchange, said Mistry has been replaced as chairman by Ishaat Hussain, who will hold the post until a new candidate is found.

(Reporting by Aditi Shah; Editing by Swati Bhat)



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