There are various developments building up in Tata-Cyrus Mistry clash. Quite recently, Tata Sons went on record to say that “Cyrus Mistry has made certain unsubstantiated allegations, which cast aspersions on Tata Sons Ltd and its board and the Tata group as a whole . The statement was included in the explanatory statement to the notice calling an EGM in TCS. The meeting was categorically held for ouster of Cyrus Mistry from TCS , India’s software company.
Mr. Mistry’s conduct has caused enormous harm to the Tata group, TCS and its stakeholders, including employees and shareholders,” said the Tata Sons statement. The statement has been filed on BSE. Also mentioned is the fact that an email was marked ‘Confidential’ but was still made public. The email was sent from Cyrus Mistry to Tata sons. “Consequently, the Board of Directors of Tata Sons Limited by its resolution dated November 9, 2016 has resolved to propose the removal of Mr. Mistry as Director of TCS.” Decemeber 13 has been declared as the date for EGM in which Tata Consultancy Services (TCS) in which Mistry will be removed as the chairman.
The move to oust Cyrus Mistry as chairman of TCS is being seen as a fool-proof attempt by Tata group to acquire a firm grip over the conglomerate.The Ratan Tata –led promoter company is likely to replace Mistry with group veteran Ishaat Hussain.
Cyrus Mistry has already been removed as chairman of TGB(Tata Global Beverages). Tata motors have also initiated steps to ensure timely meetings are also held in other companies of the Tata group. Companies such as Tata Steel, Tata chemicals ,Tata motors, Indian hotels are likely to declare their EGM anytime.
The group recently removed Nusli Wadia,a renowned name in Corporate India from its board. Wadia went on to support Mistry after his removal as the group chairman. As a means to retaliate, Nusli Wadia filed a case for defamation against the Tata sons yesterday afternoon.
