Cyrus P., former chairman of Tata Sons. Mistry indicated on Tuesday that he was veiling a four-year-long legal battle with the Tata group over his sudden eviction in October 2016 as he expressed ‘personal disappointment’ with the Supreme Court ruling. He and his family “knocked on our chin” when adding to the case.
The court last week ruled in favor of Tata Sons and set aside the decision of a National Company Law Appellate Tribunal (NCLAT) to reinstate Mistry as its executive chairman.
Mr. Mistry said in a statement, “Every member of society looks to institutions such as the courts to validate and support the appropriateness of their actions and beliefs.”
“As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the decision regarding our case. Although I will no longer be able to directly influence the direction of governance of the Tata group, I hope that the issues I have raised will lead to deeper reflection and influence the individuals concerned with the change. I sleep with a clear conscience.
‘Board driven system’
Expressing gratitude for the opportunity to lead the Tata group, he said, “My objective in Tata… was to ensure a strong board-driven system of decision-making and governance that is larger than a single person.
“The main focus was to enable directors of various boards to discharge their duties without fear or favor, while still ensuring that shareholders’ views are reflected in strategy and actions,” he said. ”
He said, “It is my belief that this continues through a model that will preserve value for all stakeholders of Tata Sons and its various group companies.”
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