In a bitter boardroom coup in October, Mr Mistry was ousted as the chairman of Tata Sons, the holding firm for the $100-billion steel-to-software conglomerate, and group patriarch Ratan Tata returned to the helm temporarily. A public power struggle has since ensued between the two sides.
Mr Mistry, however, still sits on the boards of several group companies. Tata Sons has called shareholder meetings at these companies over the next few days to vote on his removal.
Indian Hotels Co Ltd, Tata Steel and Tata Motors will hold their shareholder meetings next week.
“The fight is a matter of principle rather than facing the foregone outcome (of this meeting),” Mr Mistry said ahead of the TCS shareholder meet in an indication that he had expected to be ousted given Tata Sons’ majority shareholding in TCS.
“The very future of TCS hinges on good governance and ethical practices. In the past several weeks, we have seen good governance being thrown to the wind in every sense of the term, replaced by whims, fancies and personal agenda,” he said.
Since his ouster from Tata Sons, Mr Mistry has attacked the group’s corporate governance standards several times, saying that his efforts to establish stronger guidelines contributed to his removal.
“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 reforms,” Mr Mistry said.
(Sourced from agencies, feature image courtesy:oneindia.com)
