Tata Consultancy Services (TCS) on Monday said its ousted chairman Cyrus Mistry's conduct has caused enormous harm to the company and all stakeholders, including employees and shareholders.
Tata Consultancy Services (TCS) on Monday said its ousted chairman Cyrus Mistry’s conduct has caused enormous harm to the company and all stakeholders, including employees and shareholders.
“Subsequent to his replacement as executive chairman of Tata Sons Limited, Mr. Mistry has made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons Limited and its board of directors, but also on the Tata group as a whole, of which Tata Consultancy Services is an integral part,” it noted in a statement to the stock exchanges on the reason the company is convening an extraordinary general meeting (EGM) on December 13 to remove Mistry as a director of the company.
On November 10, Mistry was removed as chairman by the board of TCS and Ishaat Hussain was appointed in his place. Tata Sons, which has a 73.26% stake in the company, had observed in a recent release that Mistry does not “really contribute materially to TCS’s management”. Tata Sons has already sent requisitions to Tata Steel, Tata Motors, Tata Chemicals and Indian Hotels Corporations asking them to convene EGMs for removing Mistry as director from their respective boards.
The boardroom battle in the Tata Group started last month when Mistry was unceremoniously replaced as the chairman of Tata Sons with the former accusing him of under performance and not having kept in mind the ethos of the Tata Group.