Cyrus Mistry to shareholders: Tata Group is nobody's personal fiefdom

Ousted Tata Sons Chairman Cyrus Mistry hit out at shareholders and Tata trustees during an EGM.

Mistry told shareholders the Tata Group is nobody's personal fiefdom and it belonged to all shareholders, not just Tata trustees.

“Group companies do not belong to the directors. Heart of Tata Group's sustainability is governance reform. Governance character across Group require repair to company law,” said Mistry.

Mistry said governance of Tata Trusts has to become more accountable, transparent.

“Entire Tata Group is now at an inflection point. Trustees managing business could jeopardise legal status. EGM notice doesn't contain even whisper of reason for my replacement,” said Mistry.

The feud between Tata Group and Cyrus Mistry has still not been settled and amidst the feud, global proxy advisory firm ISS has asked minority shareholders to vote against Mistry's removal as director of Tata Consultancy Services. ISS said that neither the company nor its majority owner Tata Sons had provided compelling reasons for his removal.

TCS is now planning on holding an extra-ordinary general body meeting on December 13 to vote Cyrus Mistry out of the board. Tata Sons had already ousted Mistry as chairman of India's largest IT firm, put group veteran Ishaat Hussain in his place.