Former Tata Sons Chairman Cyrus P. Mistry on Tuesday signalled he was bringing the curtain down on the four-year-long legal battle with the Tata Group over his abrupt ouster in October 2016 as he expressed ‘personal disappointment’ with the Supreme Court’s verdict in the case while adding he and his family would “take the knocks on our chins”.
The court last week ruled in favour of Tata Sons and set aside a National Company Law Appellate Tribunal (NCLAT) decision to reinstate Mr. Mistry as its Executive Chairman.
“Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs,” Mr. Mistry said in a statement.
“As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgment with respect to our case. Although I will no longer be able to influence the direction of governance of the Tata Group directly, I hope that the issues I have raised, will cause deeper reflection and influence individuals concerned to catalyse change. I sleep with a clear conscience,” he added.
‘Board driven system’
Expressing gratitude for the opportunity to lead the Tata group, he said, “My aim at Tata... was to ensure a robust board driven system of decision making and governance that is larger than any one individual.
“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,” he said.
“It continues to be my belief that it is by such a model, that one would protect value for all stakeholders in Tata Sons and its various Group companies,” he added.
