Former chairman of the group Cyrus Mistry has said that he no longer wants to return to the group. On Sunday, he said he was thankful to the Company Law Appellate Tribunal. He understood the prejudiced attitude of Ratan Tata and other trustees. Also, they adopted illegally to remove me. Mistry cited the Tata Group’s interest as his priority.
Cyrus Mistry said – My interest in the Tata Group is important. I want to clarify that despite the NCLAT order being in my favor. I am not interested in assuming the post of Executive Chairman of Tata Sons as Director of TCS, Tata Teleservices or Tata Industries.
Rights protect options open
He said he would consider all options to protect his rights as a minority shareholder. It is my priority to maintain the highest level of fairness and corporate governance in the Tata Group. He said that it also included being a member of the board of Tata Sons like the last 30 years.
Tata reached the Supreme Court against the decision of the tribunal
Ratan Tata, chairman emeritus of the Tata Group, filed an appeal in the Supreme Court on Friday against the NCLAT’s decision in the Cyrus Mistry case. Ratan Tata argued that the Appellate Tribunal held him guilty with no facts or legal basis. Mistry’s shortcomings damaged the Tata Group’s reputation.
The tribunal had asked Mistry to be the chairman again.
The tribunal had on December 18 decided in the matter of removal of Mistry as chairman of Tata Sons in October 2016. The judgment said that Ratan Tata took biased and repressive measures ignoring the interests of minority shareholders of Tata Sons. Mistry to be re-appointed chairman of Tata Sons. Let the Mistry family hold 18.4% shares of Tata Sons.
