Mistry makes last ditch attempt to sway Tata shareholders
Before the extraordinary general meeting (EGM) of Tata Consultancy Services commenced on Tuesday to cast out Cyrus Mistry from its board, the already ousted chairman wrote to the shareholders in a final appeal to change their minds.
Accepting that the requisitionist’s stake in equity share capital of the company is over 73%, Mistry said that the ‘outcome in this particular meeting is a foregone conclusion.’
“Over the past several weeks, many have tried to mischaracterize my refusal to go without resistance, as a measure of: (a) retribution for how I was treated at Tata Sons; (b) a fight for control over operating companies; or (c) a hankering for office – a desire to reclaim a position. None of the above is true. The fight is a matter of principle rather than facing the foregone outcome,” Mistry said.
He further added, “In the past several weeks, we have seen good governance being thrown to the wind in every sense of the term, replaced by whims, fancies and personal agenda. We have witnessed an unmatched erosion of ethical values and the very foundation of the institution being put to grave risk by the conduct of a few.”
The TCS EGM today will be the first of six such EGMs called by major listed firms to oust Mistry as director.
“What I am fighting for is to save the soul of the Tata Group. Whatever be the decibel level of the voice that would drown your vote, I call on you to vote with your conscience and send a signal that catalyses a larger discussion on governance reform, to save the very fabric of what we have all inherited -- the Tata Values that our Founders handed us,” Mistry said.