Voting pattern of TCS reflects conversation on Street: IIAS

Speaking to CNBC-Tv18 Amit Tandon of IIAS said that the voting pattern at TCS which removed Cyrus Mistry reflects the conversation on the Street. Mistry was removed as director of Tata Group's crown jewel, Tata Consultancy Services   (TCS) with 93.11 percent of shareholders present at the extra-ordinary general meeting voting for his ouster. Of the 197.04 crore shares in TCS, 170.85 crore shares were polled at the EGM called to consider a special resolution moved by Tata Sons seeking removal of Mistry.

If you break it up, and exclude the promoters, it was incredibly close, said Tandon adding that it has been a divisive issue.

Tandon believes that if FIIs are aligning themselves with global proxy firms, the vote might be far closer. “If they decide to break free, then you would see a different pattern.”

A similar meet of shareholders of unlisted Tata Teleservices is scheduled for tomorrow. EGMs of other group firms like Tata Motors, Tata Power, Tata Chemicals and India Hotels are scheduled for next week.