MUMBAI: Cyrus Mistry , the ousted chairman of Tata Sons , had multiple times discussed with Tata Trusts that the group should sell 5% stake in TCS , people in the know told the ET, and this runs counter to allegations that Mistry may have turned down proposals by members of the controlling Tata Trusts to sell the stake. "The matter was considered thrice in the Tata Sons board meetings but no action was taken due to a divided house," a person close to the development told ET. The Tata Trusts, Sir Dorabji Tata Trust, Sir Ratan Tata Trust and JRD Tata Trust own 28%, 24% and 4% of Tata Sons, respectively. Combined Tata Sons and other trusts like Jamsetji Tata Trust and Navajbai Ratan Tata Trust hold nearly 74% stake in TCS, worth Rs 3.32 lakh crore based on IT company's stock price on Tuesday.TCS contributes disproportionately to holding company Tata Sons revenues. On March 2016, dividend from the IT firm accounted for more than 90% of Tata Sons' revenues due to dwindling profits from other Tata companies.

Source: Economic Times November 08, 2016 19:26 UTC