Chandrasekaran thanks predecessor Mistry on TCS shareholder meet, denies layoffs
N Chandrasekaran on Friday chaired his maiden AGM as the head of Tata Group at TCS shareholders meet,thanked the dismissed predecessor Cyrus Mistry on nudge, and denied any layoffs at the largest software exporter.
He was tested by many a peeved shareholder on the Rs 16,000-crore share buyback by TCS in which the parent Tata Sons made most of the benefits. Chandrasekaran, who climbed to the top at TCS before becoming Tata Sons chairman earlier this year, also denied any impact of protectionist policies in the West saying “on the ground nothing has changed for TCS. We continue to operate successfully; we continue to recruit people in every market we operate in.” As is the convention, he thanked retired Vijay Kelkar and retiring Ishaat Hussain for their services as directors of the company. However, there was no mention of Mistry but when asked by shareholder Adil Irani, he deftly diffused the situation saying, “I thank him”.
Another shareholder used the IT industry’s favourite word “disruption” to illustrate the happenings at TCS, saying FY17 was a year of disruptions due to the global turmoil and also internally for the group with Mistry’s dismissal. The TCS share buyback that saw Tata Sons netting over …read more