Ousted Tata Sons chairman Cyrus Mistry today did not attend the Tata Consultancy Services EGM, convened to oust him from the directorship, but company secretary read out his statement to the shareholders of the company.
In the letter, he told the shareholders that "good governance" has been thrown to the wind in the past several weeks and replaced by "whims, fancies and personal agenda".
"We have witnessed an unmatched erosion of ethical values and the very foundation of the institution being put to grave risk by the conduct of a few," he said.
Here's full text of Cyrus Mistry letter to TCS shareholders:
To shareholders of TCS
Re: Extraordinary General Meeting under Section 169 of the Companies Act, 2016
I refer to the captioned subject. Since the requisitionist’s stake in the equity share capital of
the Company is over 73%, the outcome in this particular meeting is a foregone conclusion.
Yet, it is necessary for me to address this letter to you.
Over the past several weeks, many have tried to mischaracterize my refusal to go without
resistance, as a measure of:
(a) retribution for how I was treated at Tata Sons;
(b) a fight for control over operating companies; or
(c) a hankering for office – a desire to reclaim a position.
None of the above is true. The fight is a matter of principle rather than facing the foregone
The very future of TCS hinges on good governance and ethical practices. That can flow only
from the promoter and needs to permeate into the Board and Management. 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. We have witnessed an unmatched
erosion of ethical values and the very foundation of the institution being put to grave risk by
the conduct of a few.
What I am fighting for is to save the soul of the Tata Group. 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 reform, to save the very fabric of what
we have all inherited -- the Tata Values that our Founders handed us.
Cyrus P Mistry
Updated Date: Dec 13, 2016 17:16:07 IST