Ousted chairman Cyrus Mistry on Wednesday said that the voting in TCS is a strong signal from minority shareholders that the need for governance reform at Tata group must not go unheeded.
"I will continue to strive and work at various forums to be voice for change in the Tata Group, its governance and protection of stakeholders’ rights. The outcome at TCS has only made my resolve to save the heritage of the Tata Group stronger, and I will continue to work on the crying need for governance reform" Mistry said in a statement.
" I wish to remind all that polls at shareholder meetings are not a reflection for clamour for office or retribution for the breakdown in the rule of Law in the Tata Group in recent weeks.
We all knew the foregone outcome of TCS EGM," he added. Over 70 per cent of non-promoter TCS shareholders either voted against the resolution to remove Mistryor abstained. Nearly 78 per cent of the votes cast by retail investors was against the resolution to remove him and about 43 per cent of the votes cast by institutional investors were against the resolution.