Global software major Tata Consultancy Services (TCS) Ltd on Monday announced that Tata Sons Chairman Natarajan Chandrasekaran will also be its non-executive Chairman from Tuesday.

"Tata Sons Ltd has nominated N. Chandrasekaran as the Chairman of the Board of Directors of the company in place of Ishaat Hussain from February 21," said TCS in a regulatory filing to the BSE.

Tata Consultancy Services' (TCS') board of directors has approved a proposal to buyback up to 5,61,40,351 equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, the company informed BSE in a filing.

The buyback size works out to 2.85 per cent of the company's total paid up equity share capital, at Rs 2,850 per equity share.

Tata Consultancy Services (TCS) has informed the BSE in a filing that its board of directors would consider a proposal for buyback of equity shares of the company at its meeting to be held on February 20, 2017.

The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.

Bengaluru: Indian technology outsourcing companies’ inability to find new customers even as US rival Accenture Plc is managing to do business with firms that dominate the consumer Internet, including Google, Facebook Inc. and Amazon.com Inc., again underlines the reason behind the dismal growth of home-grown companies.

Google, Facebook, Amazon, Uber and Airbnb together accounted for at least $1 billion of Accenture’s $32.9 billion in revenue for the year ended August 2016 (Accenture follows a September-August fiscal), said an executive familiar with the development who declined to be named.

Stocks of largecap information technology (IT) companies such as TCS, Infosys and Wipro tanked up to 5% in intraday trade on reports that a legislation has been introduced in the US House of Representatives, which among other things, calls for more than doubling the minimum salary of H-1B visa holders to $130,000.

The move, experts say, will make it difficult for the software services firms to replace American employees with foreign workers, including from India.

Rajesh Gopinathan, the new Chief Executive Officer (CEO) of Tata Consultancy Services (TCS) said continuity of Natarajan Chandrasekaran as chairman is providing an extended transition window for Tata Consultancy Services (TCS), reported ET Now. The former CEO of TCS and Chairman designate of India’s largest business house Tata Sons, Chandrasekaran will soon be reportedly appointed as the chairman of all the listed companies in the group in the coming weeks.

Moving the head of Tata Consultancy Services to the top job at Tata Sons' holding company fills a critical hole for the salt-to-software conglomerate, but it leaves another at its most valuable company ahead of a complex and unpredictable 2017.

The promotion of Tata veteran Natarajan Chandrasekaran - the well-regarded, high-performing boss of TCS under whom shares have quadrupled - should be no surprise.

Bengaluru: It’s time chief executive officer and managing director Natarajan Chandrasekaran sheds the invented-here approach at Tata Consultancy Services Ltd (TCS), India’s largest software services company.

For the first time since TCS went public in 2004, its annual growth will be less than or at best on par with Accenture Plc., which is double the size of the Mumbai-based company.

Cyrus Mistry, the ousted chairman of Tata Sons, has appealed to minority shareholders of Tata Consultancy Services to vote with a conscience as the future India's largest IT services firm hinges on ''good governance and ethical practices" . Mistry also said he is fighting to save the soul of the Tata Group.

Mistry is certain that Tata Sons, which owns over 73 per cent stake in TCS, would score over any dissent to remove him from the company's board in the extraordinary general meeting of TCS called on Tuesday. In his letter to shareholders, he says the "fight is a matter of principle rather than facing the foregone outcome.

Mumbai, Dec. 9: The country's top 100 companies in market valuation generated wealth worth Rs 28.4 lakh crore in the last five years, with Tata Consultancy Services (TCS) retaining the top position for the fourth time in a row.

According to the "21st Annual Wealth Creation Study" by Motilal Oswal Financial Services, Tata Consultancy Services is the biggest wealth creator as it generated over Rs 2.6 lakh crore for the period 2011-16.

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