Full text: Tata Sons welcomes NCLT order; judgment 'vindicates' Group, says N Chandrasekaran

Mumbai: Tata Sons today said the NCLT order dismissing pleas of Cyrus Mistry vindicates that the group and its operating firms have “always acted in a fair manner and in the best interest of its stakeholders”. The National Company Law Tribunal (NCLT) Mumbai today dismissed pleas of Mistry challenging his removal as Tata Sons Chairman in October 2016. Welcoming the order, Tata Sons Chairman N Chandrasekaran hoped “that a finality will be given to the judgment of NCLT, by all concerned in the larger interest of companies, the shareholders, and the public”. [caption id=“attachment_367326” align=“alignleft” width=“380”]  N Chandrasekaran, Chief Executive, Tata Group. Reuters[/caption] “The judgment has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders,” he said in a statement. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards, he added. NCLT in today’s ruling said it was not accepting Mistry’s contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. In October 2016, Mistry was ousted as Tata Sons Chairman.Two months later, he and his family-run investment firm, Cyrus Investments, approached the NCLT as minority shareholders against the corporate monolith and others, including Ratan Tata, alleging oppression and mismanagement. Here is the full text of the letter: Tata Sons announced that it welcomed the order of the National Company Law Tribunal (NCLT) on 9 July, 2018 dismissing all allegations against Tata Trusts, its trustees and Tata Sons made by the Petitioners representing certain companies of the SP Group. The order of the NCLT vindicates the position of Tata Trusts and Tata Sons. “The judgment has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards,” said N Chandrasekaran, Chairman Tata Sons. “Tata Sons hopes that a finality will be given to the judgment of NCLT, Mumbai by all concerned in the larger interest of companies, the shareholders, and the public,” Chandrasekaran added. Related: Full text: Cyrus Mistry to appeal against NCLT order; terms ruling as 'disappointing, not surprising'