Chandrasekaran skipped Ratan Tata’s TCS AGM meeting for 2nd day, reason is…, is he quitting company?

For the first time in 17 years, Chandrasekaran, appointed chairman of the conglomerate following his tenure as TCS CEO, was absent from the IT services company's annual general meeting.

Tata Sons Chairman N Chandrasekaran didn’t appear at the Annual General Meeting of Tata Consultancy Services (TCS), which was held on Thursday. This is the second time that he has skipped the group’s shareholder gathering. This is concerning for the Tata Group, as it is the first time in more than 17 years that Chandrasekaran has missed the AGM meeting of the largest IT services company. Notably, N. Chandrasekaran was promoted as the chairman of the diversified conglomerate from TCS’s Chief Executive.

TCS’ secretary Yashaswin Sheth informed shareholders that the chairman won’t be able to attend the Annual General Meeting due to “some exigencies”.

Chandrasekaran didn’t attend the Tata Consumer Products AGM meeting on Wednesday; reportedly he was focusing on the Air India plane crash in Ahmedabad last week, which claimed the lives of 270 people. However, he chaired the Tata Motors Limited AGM meeting on Friday.

Sheth informed that Keki Mistry, an independent director, has been appointed chairman for the company’s upcoming Annual General Meeting (AGM) by the board of directors.

“This is a very difficult time for us at the Tata Group. We are all deeply saddened. This is an unimaginable tragedy that has resulted in so many losses of lives. Words can be of no consolation right now,” Mistry, a finance industry veteran, said.

N Chandrasekaran was present at the Tata Motors Limited 80th AGM meeting which was held on Friday. While addressing the shareholders, he talked about the company’s performance, stating, “for the past few years, we have significantly strengthened, streamlined, and simplified this business. Each business – commercial vehicles, cars and JLR – all of them are healthy, financially fit and have their own strategy led by independent management teams.”

During the TCS shareholder meeting, several attendees referenced the Air India tragedy and the passing of Ratan Tata. The TCS board honored the crash victims with a moment of silence before commencing the meeting.

“…So many deaths to occur at once is incomprehensible. This is one of the darkest days in the Tata Group’s history. “Words are no consolation right now, but our thoughts are with the families and the loved ones of the people who died and were injured in the crash. We are here for them,” said PB Balaji, who chaired the meeting of Tata Consumer Products in the absence of Chandrasekharan.

At the annual general meeting, shareholders expressed their hope that the group would successfully manage current difficulties. The speaker noted that the ongoing investigations still require considerable time and further development.