TCS shareholders voted on Tuesday for the resolution to remove Cyrus Mistry from the board, but Mistry threw in the towel just before the meeting, saying his expulsion was a "foregone" conclusion since the Tatas hold 73% stake in the software giant.
His statement came right before TCS shareholders met at Yashwantrao Chavan Centre in south Mumbai to pass a resolution to remove him as a director in a company which is the biggest contributor to the Tata Group's profits.
Life Insurance Corporation which is the largest institutional investor in Tata companies, abstained from voting at the extraordinary general meeting.
The EGM proceedings were started at 3.30pm was chaired by independent director Aman Mehta. Out of the 39 shareholders who sought to be heard at the meeting, 35 spoke in favour of Tata Sons and supported its resolution, four backed Mistry, questioning the basis on which the company had moved the resolution in the first place.
The entire board of directors, except Clayton Christensen, was in attendance listening to loyalists shower praise on Ratan Tata. One of them went to the extent of suggesting "he should continue" and "Mistry should retire".