Saturday, December 3, 2022

Cyrus Mistry “humbled” by NCLAT order, but not interested in returning to Tata group

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Cyrus Mistry isn’t interested in getting back into Tata group in any capacity, he said today. He clarified that despite the National Company Law Appellate Tribunal’s (NCLAT) December 18 order in his favour, he won’t be returning to Tata Sons, TCS, Tata Teleservices and Tata Industries.

The confirmation followed petitions seeking to set aside the NCLAT order reinstalling him as the group chairman and also in the board of group companies.

“I intend to make it clear that despite the National Company Law Appellate Tribunal (NCLAT) order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries”, Mistry, who was dismissed as the chairman of Tata Sons in 2016, said in the public statement.

He said that his focus has always been on upholding the best standards in corporate governance and transparency. Interests of Tata group are far more important than the interest of any individual or me, added Mistry.

Mistry also expressed his desire to explore all options to protect minority shareholder rights.

With a 18.37% share in the company, Mistry aims to ensure the group’s long-term success. “My family, although a minority partner, has been a guardian of the Tata Group for over five decades. This legal fight has never been about me. It has always been and will always be about protecting the rights of minority shareholders,” said Mistry.

The former executive chairman of Tata group intends to uphold his family’s right to demand a higher standard of corporate governance from controlling shareholders.

“I will 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,” said Mistry.

Mistry was terminated from his position as executive chairman in October 2016 and was later removed as its director in February 2017.

He appealed to the National Company Law Tribunal (NCLT), but his appeal was turned down. He later moved to National Company Law Appellate Tribunal (NCLAT) to reverse his sacking. On December 18, 2019, NCLAT reinstated Mistry as the executive chairman of Tata Sons.

The flagship company of Tata group, Tata Consultancy Services challenged the order of National Company Law Appellate Tribunal (NCLAT) reinstating Cyrus Mistry as the director of the group.

Tata Sons and its patriarch Ratan Tata have also challenged the order in the Supreme Court.

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