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TCS voting a strong signal that need for governance reform must not go unheeded: Mistry

He reiterated to continue his voicing his concerns about governance and protection of stakeholders' rights in Tata Group.

By: Express Web Desk | New Delhi |
December 14, 2016 5:45:38 pm
Cyrus Mistry, TCS, TCS Cyrus Mistry, Ratan tata, TCS EGM, TATA EGM Mistry Cyrus Mistry. (File)

A day after shareholders of Tata Consultancy Services (TCS) voted out Cyrus Mistry as a director from its board at the extraordinary general meeting (EGM), the sacked chairman of Tata Sons on Wednesday said the voting in TCS is a strong signal from minority shareholders that the need for governance reform must not go unheeded. In a statement to the media, Mistry said, “Over 70 per cent of non-promoter TCS shareholders voted against resolution to remove me, a strong signal from minority shareholders.”

He reiterated to continue his voicing his concerns about governance and protection of stakeholders’ rights in Tata Group. “Will continue to work at various forums to be voice for change in Tata Group, its governance and protection of stakeholders’ rights,” Mistry added.  In a letter of thanks to the public shareholders of TCS, Mistry said: “I wish to remind all that polls at shareholder meetings are not a reflection for clamour for office or retribution for the breakdown in the rule of law in the Tata Group in recent weeks.”

ALSO READ: Tata Consultancy Services shareholders vote to remove Cyrus Mistry as director

According regulatory filing of the extraordinary general meeting (EGM) held yesterday, 86.71 per cent of the 197.04 crore shares voted. Of the votes polled, 93.11 per cent voted for his removal and 6.89 per cent were against the resolution brought by the promoter, Tata Sons Ltd. The ouster of Mistry from the board at the EGM, which witnessed high drama, was a foregone conclusion as Tata Sons, the principal shareholders, has a 73.26 per cent stake in the firm.

(With Inputs from PTI)

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