According to sources close to Cyrus Mistry: "Tata Teleservices like TCS (Tata Consultancy Services) entails a supermajority ownership by the Tata Group now under the control of Ratan Tata". This is the third firm after Tata Industries and Tata Consultancy Services to remove him.
"A reported 78% of the votes cast by retail investors was against the resolution to remove me and almost 43% of the votes cast by institutional investors were against the resolution to remove me".
Tata Sons, which holds 36.17 per cent equity stake in Tata Teleservices, had sought an EGM for the removal of Mr. Mistry as director.
Making clear his intent to continue his fight against Ratan Tata and Tata Sons, Mistry said: "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".
Next week, shareholders of four Tata companies - Indian Hotels, Tata Steel, Tata Power, and Tata Motors - will meet to vote on the fate of Cyrus Mistry as director of their companies. The latest annual report of TCS says Mistry held 41.63 lakh shares or 0.21 per cent shares of the company as on March 31, 2016.
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Mistry in his letter to the Board last month had said that the business was "continuously hemorrhaging" and had even questioned the alliance in his statements to the group. The rebuke sends a clear message to patriarch Ratan Tata: either fix governance or take tighter control of group companies. However, the Reserve Bank of India said the option was invalid and payment for Docomo's stake would have to be made at fair market value. Of the votes polled, 93.11 per cent voted for his removal and 6.89 per cent were against the resolution brought by the promoter, Tata Sons Ltd.
Docomo filed for worldwide arbitration and won an award of $1.17 billion. In order to show their bonafides, the Tatas deposited a sum in excess of Rs 8,000 crores in court. Hidetada Hayashi and Katsuhiko Yamagata represent Docomo on the board told ET.
Several other Tata Group companies have called EGMs to decide whether or not to remove Mistry from their respective boards. Hayashi is senior manager and Yamagata is executive general manager of global business division at the Japanese firm.
The battle has been raging since October 24, when Mistry was unceremoniously fired as Chairman of Tata Sons.