Over 70% non-promoters voted against my removal or abstained: Mistry
Cyrus Mistry, former chairman at Tata Sons, who was also ousted from Tata Consultancy Services (TCS) responded to his ‘vote out’ with a thank you letter to the shareholders.
“Over 70% of non-promoter TCS shareholders either voted against the resolution to remove me or abstained. This meant nearly 20% of the total votes in TCS,” Mistry said.
Tata Sons holds 73% share in the company.
He added that 78% of votes by retail investors and nearly 43% on institutional investors was against the resolution to remove him.
“The voting in TCS is therefore, a strong signal from minority shareholders that the need for governance reform must not go unheeded,” Mistry said.
TCS said that 2450 shareholders of 93.11% shares in the company voted to remove Mistry in an extraordinary general meeting (EGM) held yesterday.
“I will continue to strive and work at various forums to be voice for change in the Tata Group, its governance and protection of stakeholders’ rights. The outcome at TCS has only made my resolve to save the heritage of the Tata Group stronger, and I will continue to work on the crying need for governance reform,” Mistry added.