BUSINESS
While majority of the shareholders who chose to speak, did so in favour of the motion to remove Mistry from TCS board, a few questioned it as well
Cyrus Mistry, the former chairman of Tata group, who was supposed to feverishly oppose his ouster from the chairmanship of Tata Consultancy Services (TCS) at the extraordinary general meeting of the shareholders, didn't show up at meeting in Mumbai on Tuesday afternoon.
Much before the EGM would start, a letter from Mistry's office reached media houses addressed to the shareholders of TCS that was later read out at the venue by the company secretary of the software firm in his absence with Ratan Tata seated among the audience shareholders.
"Since the requisitionist's (Tata Sons) stake in the equity share capital of the Company is over 73%, the outcome in this particular meeting is a foregone conclusion," Mistry said in the letter, which partly explained why he was absent.
In a divergence from the usual norm, the newly appointed chairman of TCS, Ishaat Hussain, a Tata group insider, didn't chair the meeting and instead called upon independent director Aman Mehta, former Asia-Pacific head of HSBC, to step into his position in a bid to stay away from any future claim of bias in conduct of the meeting.
While majority of the shareholders who chose to speak, did so in favour of the motion to remove Mistry from TCS board, a few questioned it as well.
Why Mistry was absent and why he didn't step down gracefully, shareholders wondered.
Mehta, who conducted the EGM proceedings, said the removal of Mistry from directorship is in the best interest of TCS.
Mistry has lost the collective confidence of the Board and his continuation would have been detrimental to the interest of the company, he reasoned.
"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's letter mentioned.
But by not showing up at the EGM, where the showdown between him and Tata was widely anticipated and the key reason which attracted shareholders in droves, Cyrus lost many a sympathetic votes.
The EGMs of other Tata entities are now expectedly to be a lame-duck affairs and their outcome is "foregone conclusion".
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