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Thursday, April 22, 2021

Disappointed as a minority Tata Sons shareholder: Cyrus Mistry post SC order

The apex court order, last Friday, had set aside a National Company Law Appellate Tribunal (NCLAT) order restoring Mistry as executive chairman of the conglomerate, while allowing appeals filed by the Tata Group.

By: ENS Economic Bureau | Mumbai |
Updated: March 31, 2021 12:33:36 am
Mistry, who had raised several issues related to corporate governance and transparency, including alleged Rs 22 crore fraudulent transactions involving non-existent entities in India and Singapore in Tatas' joint venture with Air Asia. (Source Reuters)

Former Tata Sons Chairman Cyrus Mistry on Tuesday expressed disappointment over the outcome of the Supreme Court judgment in the fight against the Tata group “as a minority shareholder”.

However, he said his conscience was clear and he had no doubt about the direction he took regarding the generational change in leadership during his tenure.

The apex court order, last Friday, had set aside a National Company Law Appellate Tribunal (NCLAT) order restoring Mistry as executive chairman of the conglomerate, while allowing appeals filed by the Tata Group.

Mistry, whose family holds 18.3 per cent in Tata Sons, was ousted by the company’s board in October 2016.

“Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case,” Mistry said in a statement.

“I sleep with a clear conscience. Life is not always fair, but we are still the lucky ones — I am lucky to have the unwavering support of my family, friends, colleagues — past & present.

“My aim at Tata, an iconic institution undergoing a generational change in leadership, was to ensure a robust board driven system of decision making and governance that is larger than any one individual,” he said.

A key focus was to enable the directors on various boards to discharge their fiduciary duties without fear or favour, while still ensuring that shareholders views were reflected in strategy and actions, Mistry said.

“During my tenure as executive chairman of Tata Sons, it was always my duty and privilege to present India to the global business community as a market of great opportunity and promise, backed by an effective rule of law that is just, equitable and evolved.

“At Tata Sons, I have had the opportunity to work with a fantastic team of people from diverse backgrounds in multiple industries and geographies all bound together by a common value system embedded by the founders into the Tata group. For that opportunity, I shall be eternally grateful,” he said..”

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