 "Move over Tata, Mistry richest TCS board member")
* In the previous version of the article, the shareholding patternwas calculated inaccurately, Firstpost has made the changes to reflect the correct values.
Cyrus Mistry, the forty-three year-old successor to Ratan Tata, is not only the richest board member on Tata Group’s crown jewel TCS, but also owns more than twice the number of shares than the Tata chairman.
On 3 April Mistry was inducted as a director on the board of Tata Consultancy Services, which is the largest group company by market valuation.TCS has 226,000-plus employees, worldwide.
Of the Rs 41,000-crore flagship IT company, Mistry and his dependents hold 4.16 million shares worth Rs 500 crore, which is more than double the shares that all his Tata group colleagues on the board together hold , said a Business Standard report today.
[caption id=“attachment_271119” align=“alignleft” width=“380” caption=“Tata Group chairman Ratan Tata (R) looks on as his successor Cyrus Mistry (L)”]  [/caption]
While Ratan Tata holds 15 lakh shares worth Rs 177 crore ( as per Monday’s closing price of Rs 1,1625/share), vice-chairman S Ramadorai owns 1.9 lakh shares worth Rs 23.1 crore, and TCS MD and CEO N Chandrasekaran holds 88,000 shares worth Rs 10.3 crore. Surprisingly the TCS CFO S Mahalingam’s holding is double of Chandrasekaran’s at Rs 18.8 crore. The other two board members of TCS, Phiroz Vandrevala and Ishaat Hussain’s holdings are worth Rs 9.3 crore and Rs 0.2 crore, respectively, as per the company’s annual report for financial year 2011.
Besides TCS, Mistry is also on the boards of Tata Power Company, Tata Industries, and Tata Teleservices. He was chosen as the successor to Tata in November 2011 and will take over later this year.
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