Cyrus Mistry says not interested in getting back to Tata Group in any capacity; to pursue options to protect rights as minority shareholder

Cyrus Mistry, the ousted Tata Sons chairman, said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual

FP Staff January 06, 2020 07:14:36 IST
Cyrus Mistry says not interested in getting back to Tata Group in any capacity; to pursue options to protect rights as minority shareholder
  • Mistry said on Sunday he would not seek to reclaim his board seats and position as executive chairman of the salt-to-software conglomerate

  • Mistry, the ousted Tata Sons chairman, said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual

  • Tata Trusts, a group of public charities, owns a controlling 66 percent stake in holding company Tata Sons, and is chaired by Ratan Tata

Cyrus Mistry, former chairman of Tata Sons on Sunday said he is not interested in getting back to the Tata Group in any capacity at all, ahead of the Supreme Court's hearing on an urgent petition seeking to set aside the NCLAT order reinstalling him as the group chairman and also in the board of group companies.

Mistry said on Sunday he would not seek to reclaim his board seats and position as executive chairman of the salt-to-software conglomerate after a company’s tribunal in December ordered he be reinstated, according to a Reuters report.

"To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board," he said in a statement.

Mistry, the ousted Tata Sons chairman, said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual, according to a PTI report.

Mistry was sacked in 2016 from the top job at the helm of the holding company after he fell out with group patriarch Ratan Tata over corporate governance issues at Tata group companies.

Cyrus Mistry says not interested in getting back to Tata Group in any capacity to pursue options to protect rights as minority shareholder

Cyrus Mistry. Reuters

Since then he has been embroiled in a legal battle claiming minority shareholder oppression and mismanagement. Mistry’s family owns a sizable minority stake in Tata Sons, the group’s parent entity.

Mistry said his company, the diversified Shapoorji Pallonji group, would seek to appoint a member on the board of Tata Sons.

“I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the 30-year history of a seat at the Board of Tata Sons,” he said.

The December order by National Company Law Appellate Tribunal (NCLAT) called the appointment of N Chandrasekaran, after Mistry’s removal, illegal and also asked Ratan Tata not to interfere with matters of the company.

Tata Sons appealed the NCLAT ruling in the Supreme Court this week. A handful of Tata group companies, including its crown jewel Tata Consultancy Services Ltd, have also appealed the decision.

“As an 18.37 percent shareholder, it is in our own interest to ensure the group’s long-term success,” Mistry said.

Tata Trusts, a group of public charities, owns a controlling 66 percent stake in holding company Tata Sons, and is chaired by Ratan Tata.

--With inputs from agencies

Updated Date:

also read

Market update: As Sensex, Nifty begin volatile trading session, here are some stocks to watch for
Business

Market update: As Sensex, Nifty begin volatile trading session, here are some stocks to watch for

Sensex and Nifty incurred losses of 0.72 per cent and 0.79 per cent respectively to settle the day at 17,617.15 and 59,037.18 on Friday

Antrix-Devas deal: What you need to know about the controversial case, why it is in news
India

Antrix-Devas deal: What you need to know about the controversial case, why it is in news

In February 2011, the Manmohan Singh-led government cancelled the deal for 'security reasons' after allegations of favouritism were made

Budget 2022: How corporate governance will take centre stage in 2022
Business

Budget 2022: How corporate governance will take centre stage in 2022

The year 2022 will be marked by increased adoption of technology and digital transformation