Mistry’s conduct has caused enormous harm to Tata Group, shareholders: TCS

Tata Consultancy Services has alleged that Cyrus Mistry, former chairman of Tata Sons, has caused enormous harm to the Tata group, as well as its shareholders.

In a notice to the BSE, TCS said “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 TCSL is an integral part. The communication, which was marked as ‘confidential’, was made public. Mr. Mistry’s conduct has caused enormous harm to the Tata group, TCSL and its stakeholders, including employees and shareholders.”

The TCS board will hold the extraordinary board meeting (EGM) on 13 December to oust Mistry as director.

On November 10, Mistry was ousted as the chairman by Tata Sons, which holds 73.26 percent in TCS. On Thursday, for the first time, the board of TCS and Tata Sons met to decide the date for an extraordinary general meeting (EGM) to seek his removal as director. Mistry chose to give the meeting a miss.

Mistry holds about 4.1 million shares of the company in a personal capacity.