Facing the axe from the board of Tata Group's crown jewel Tata Consultancy Services (TCS), ousted chairman Cyrus Mistry on Tuesday said he is not hankering for office, and his fight is to save the soul of India's largest conglomerate.
In a letter, Mistry told shareholders of TCS that "good governance" has been thrown to the wind in the past several weeks, and replaced by "whims, fancies and personal agenda".
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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.Cyrus Mistry
Mistry's statement was read out at the EGM by the company secretary.
Since the requisitionist’s stake in the equity share capital of the company (TCS) is over 73 percent, the outcome in this particular meeting is a foregone conclusion.Cyrus Mistry
He said his refusal to go without resistance has been mischaracterised as a measure of retribution for how he was treated at Tata Sons, a fight for control over operating companies, and a hankering for office.
The very future of TCS hinges on good governance and ethical practices and that can flow only from the promoter and needs to permeate into the board of management.Cyrus Mistry
He said he was "fighting 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." he added.
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