Cyrus Mistry terms NCLAT judgement as victory of principles of good governance, minority shareholder rights

Seeking to bury the past bitterness, Mistry said that it was now time that 'all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish.'

Press Trust of India December 18, 2019 19:08:22 IST
Cyrus Mistry terms NCLAT judgement as victory of principles of good governance, minority shareholder rights
  • Mistry in a statement said that it was now time that all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish

  • For over 50 years, the Mistry family has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of, he said

  • The NCLAT stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal before the Supreme Court

New Delhi: Ousted Tata Sons Chairman Cyrus Mistry on Wednesday termed the NCLAT judgement to reinstate him at the helm of the company as "victory for the principles of good governance and minority shareholder rights" and not just his own personal victory.

Seeking to bury the past bitterness, Mistry in a statement said that it was now time that "all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish."

For over 50 years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of, he added.

Cyrus Mistry terms NCLAT judgement as victory of principles of good governance minority shareholder rights

File image of Cyrus Mistry. Reuters

"For the Tata Group to prosper as an institution, it is important that the management of individual companies, their boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group," Mistry said.

Commenting on the verdict of the appellate tribunal, he said, "The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons."

He further said, "My endeavor as executive chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth."

In a big win for Mistry, the NCLAT on Wednesday restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal.

The NCLAT, however, stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal before the Supreme Court, which has appellate jurisdiction over the NCLAT.

Updated Date:

also read

Abortion triggers great Indian confusion: Who is right wing, who is liberal?
World

Abortion triggers great Indian confusion: Who is right wing, who is liberal?

In India, the Right-wing in the Western sense does not exist. Those the Left and ‘liberals’ call Right are often a lot more liberal, not just in words, but in action

Powers under preventive detention law 'exceptional', cannot be exercised in routine manner, says SC
India

Powers under preventive detention law 'exceptional', cannot be exercised in routine manner, says SC

The apex court observation came as it set aside the October last year order of detention of two persons in Telangana

Prophet row: Ex-bureaucrats seek Supreme Court's intervention to check 'bulldozing' in UP
India

Prophet row: Ex-bureaucrats seek Supreme Court's intervention to check 'bulldozing' in UP

The BJP on 5 June suspended its national spokesperson Nupur Sharma and expelled its Delhi media head Naveen Kumar Jindal after their controversial remarks against the Prophet