Hours before the commencement of Tata Consultancy Services (TCS) extraordinary general meeting (EGM), ousted chairman Cyrus Mistry shot off a letter to shareholders stating he is fighting to save the soul of Tata Group.
Mistry also mentioned with Tata Sons holding a majority stake in the IT behemoth, which is the crown jewel of the group, the outcome in this EGM is a foregone conclusion.
“Since the requisitionist’s stake in the equity share capital of the company is over 73 per cent, the outcome in this particular meeting is a foregone conclusion. Yet, it is necessary for me to address this letter to you,” the letter said.
“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,” the letter said.
He said said that over the past several weeks, many have tried to mischaracterise his refusal to go without resistance. This is attributed to retribution for how he was treated at Tata Sons, a fight for control over operating companies or a hankering for office, a desire to reclaim a position, which are not true.
“The fight is a matter of principle rather than facing the foregone outcome,” it added.
Stating that the future of TCS hinges on “good governance and ethical practices”, Mistry said that this can only flow the promoter and needs to permeate into the board and management.
TCS had convened an EGM on Tuesday at 3.30 pm to seek the removal of Mistry as director after he refused to voluntarily step down following his ouster as chairman of the group.