Mistry caused enormous harm to the company: TCS

“Mistry’s conduct has caused enormous harm to the Tata group, TCSL and its stakeholders, including employees and shareholders,” the company said in a regulatory filing to the BSE. “Subsequent to his replacement as executive chairman of Tata Sons, Mistry has made certain unsubstantiated allegations, which cast aspersions not only on Tata Sons and its board of directors, but also on the Tata group as a whole, of which TCSL is an integral part,” the regulatory filing said under the “explanatory statement” note. The company made the regulatory filing to inform the BSE that an extra ordinary general meeting (EGM) will be held on December 13, 2016. 

On November 17, the board of directors of the IT major decided to convene an EGM to remove Mistry as a director. Earlier, TCS issued a special notice under Section 169 (read with Section 115) of the Companies Act, 2013, and made a requisition for an EGM of shareholders to consider Mistry’s removal as a director of TCS. TCS has already replaced Mistry as its Chairman and appointed Ishaat Hussain as the new Chairman of the board of directors of the company with immediate effect. “It may be noted that the board of directors of Tata Sons has lost confidence in Cyrus P. Mistry to lead Tata Sons for a combination of several factors,” the company’s regulatory filing elaborated. “The Tata Sons’ board, in its collective wisdom, took the decision to replace Mistry.