Business Companies 14 Dec 2016 Fight is to save gro ...

Fight is to save group’s soul: Cyrus Mistry

PTI | DECCAN CHRONICLE
Published Dec 14, 2016, 1:05 am IST
Updated Dec 14, 2016, 1:12 am IST
Mistry did not attend the extraordinary general meeting, which is the first of the seven the group has lined up through the rest of the month.
Cyrus Mistry
 Cyrus Mistry

Mumbai: In a high-drama meeting, shareholders of TCS on Tuesday voted on a proposal to remove from its board ousted chairman Cyrus Mistry who said he was not hankering for office and his fight is to save the “soul” of the group.

The outcome of the voting, which is a given in favour of the Tatas, considering their 73 per cent holding in the company, was not formally announced immediately.

Significantly, Mr Mistry did not attend the extraordinary general meeting, which is the first of the seven the group has lined up through the rest of the month, but interim chairman Ratan Tata was present through the course of the meeting.

Also, interim chairman Ishaat Hussain recused himself from chairing the meeting.
Even though Tata Sons’ 73 per cent ownership makes outcome of the voting a foregone conclusion, divisions within the minority shareholders on the contentious issue came out in the open with a few minority shareholders voicing support for Mr Mistry.

As many as 38 shareholders spoke at the EGM. Even though a bulk of them voiced support for Mr Tata, those handful who affirmed their support to Mr Mistry were applauded. Independent director Aman Mehta said Mr Mistry had lost “the trust and confidence” of the promoter group.

 

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