While Tata Sons, being a majority shareholder, easily won the bid to oust Mistry with a strong backing of 93% votes a huge chunk of retail shareholders, about 78%, were seen backing Mistry, who claimed moral victory after results were made public. He had previously made a plea to non-promoter shareholders to “save the soul of Tata Group” by voting against his removal from the board.

However, according to sources, out of 1.21 crore retail shares that voted against Mistry’s removal 1.14 crore shares are owned by Mistry and associates. About 35 lakh retail shares supported Tata’s bid to remove Mistry. Only 17% of retail shareholders voted their shares.

Sources said these 1.14 crore shares are owned by Cyrus Mistry, his father Pallonji Mistry, his brother Shapoor Mistry, and his companies Shapoorji Pallonji and Company, Cyrus Investments Private Ltd and Sterling Investment Corp.

Tata Group is holding EGMs to remove Mistry from all its companies after he refused to voluntarily step down from these boards. Mistry was unceremoniously sacked as Tata Sons chairman on Oct 24, sending shockwaves across corporate India. Since then both the parties have blamed each other for non-performance, poor business decisions and weak corporate governance standards.