The Supreme Court’s judgment that backs the Tata Group’s choice to take away Cyrus Mistry because the chairman “is a validation of the values and ethics that have always been the guiding principle of the group,” industrialist Ratan Tata tweeted at this time shortly after the decision.
Putting an finish to some of the dramatic boardroom battles within the current historical past of company India, the Supreme Court judgement units apart the corporate regulation tribunal order that had reinstated Mr Mistry. The high court docket additionally mentioned the group’s choice to take away him was proper.
In a tweet, the 83-year-old ex-chairman of Tata Group wrote mentioned: “I appreciate and I am grateful for the judgement passed by the honourable Supreme Court today. It’s not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgement upholding all the appeals of Tata Sons is a validation of the values and ethics that have always been the guiding principle of the group.”
— Ratan N. Tata (@RNTata2000) March 26, 2021
“It reinforces the fairness and justice displayed by our judiciary,” he additional added.
In October, 2016, Cyrus Mistry was eliminated as Tata Sons chairman after a dramatic ouster.
Months later, in December, two Mistry family-backed funding companies – Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd – moved the National Company Law Appellate Tribunal (NCLAT), alleging oppression of minority shareholders and mismanagement by Tata Sons. They additionally problem Mr Mistry’s removing.
Next 12 months, in February, Mr Mistry was eliminated as a director on the board of Tata Sons, holding firm of Tata group companies.
The authorized battle went on. In December, 2019, the corporate regulation tribunal restored Mr Mistry as the manager chairman of the conglomerate.
Last 12 months, Tata Sons had challenged the the corporate regulation tribunal’s choice within the Supreme Court. In December, the highest court docket had reserved its verdict.
Today, that order was scrapped.
A bench headed by Chief Justice SA Bobde mentioned the choice to take away Cyrus Mistry was proper. “All questions of law are in favour of Tata Group,” mentioned the judges.
(With inputs from PTI)