Tata Consultancy Services castigates Cyrus Mistry

Mistry had refused to voluntarily step down as TCS chairman following his October 24, 2016 ouster as the chairman of Tata Sons

Samar Srivastava
Published: Nov 21, 2016 04:52:20 PM IST
Updated: Nov 21, 2016 05:21:05 PM IST

After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.

Tata Consultancy Services castigates Cyrus Mistry
Former Tata Group chairman, Cyrus Mistry
Image: Vivek Prakash / Reuters

Tata Consultancy Services in a notice calling for an extraordinary general meeting (EGM) for the ouster of Cyrus Mistry as a director of the company attacked the former chairman for his conduct.
 
Mistry who was both chairman of Tata Sons and a host of Tata companies including Tata Consultancy Services had refused to voluntarily step down following his October 24, 2016 ouster as the chairman of Tata Sons.
 
The EGM notice stated: “Subsequent to his replacement as Executive Chairman of Tata Sons Limited, Mr. Mistry made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons Limited and its board of directors, but also on the Tata Group as a whole, of which Tata Consultancy Services Limited is an integral part.” It added that Mistry’s communication which was marked confidential was made public and as a result the board of Directors of Tata Consultancy Services had sought his removal as a director.
 
The EGM is slated to be held on December 13, 2016 in Mumbai. Shareholders can attend and vote in person or through their proxies. There is also an e-voting facility which closes on December 12.
 
Expect few fireworks at this meeting as the “promoter group”, which includes Tata Sons and the various Tata Trusts own a majority 73.33 percent of shares.
 
The next few weeks are likely to see a host of EGM notices from Tata group companies like Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel. Here Tata Sons hold shares that are below the majority required and have started efforts to bring minority shareholders on board.

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