Tata Sons seeks to pass a shareholder resolution for removal of Mr Mistry as director on the TCS board after removing him as chairman on November 10, replacing him with Ishaat Hussain.
It had made use of one of the statutes that makes it possible to nominate the chairman of the board, while replacing Mr Mistry with group veteran Mr Hussain.
Mr Mistry’s camp had lashed out at his removal as chairman of TCS calling it as a reflection of “cloak and dagger” machinations that define “the angry strategy of the Ratan Tata camp”.
He had even alleged that Mr Tata once tried to sell the IT firm to IBM and his “ego” led to bad business decisions like Corus acquisition at double the original cost. However, he changed his stance later stating his statement was based on “information from sources who were close to JRD Tata who informed him that it was Ratan Tata’s intention, and not the group’s intention, to sell TCS”.
Tuesday’s voting by TCS shareholders will be the first of six such EGMs called by major listed firms — Indian Hotels Co Ltd (December 20), Tata Steel (December 21), Tata Motors (December 22), Tata Chemicals (December 23) and Tata Power (December 26) – to seek Mr Mistry’s ouster as director.
In case of Tata Motors, Tata Steel and Tata Chemicals, the shareholders will also be voting for a resolution moved by Tata Sons to remove Nusli Wadia as independent director.
