Cyrus Mistry sacked the head of Tata Sons - holding company of the $113-billion Tata industry has expressed disappointment over the Supreme Court judgement in his legal dispute with the Tata group in the case related to his removal in 2016. He said his conscience was clear and he had no questions on the generational change in leadership during his tenure in the firm.
Last week, the top court had dismissed the National Company Law Appellate Tribunal (NCLAT) order issued in December 2019 that asked Tata Sons to reinstate Mistry as its chairman.
Ratan Tata, chairman of Tata Sons appreciating the court’s verdict said, “It reinforces the fairness and justice displayed by our judiciary.”
Mistry after four days from the court’s order said, “As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgment concerning 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,” Mistry said, adding that “I sleep with a clear conscience.”
Dismissing Shapoorji Pallonji (SP) Group, a petition which is controlled by the Mistry’ family on giving out fair remuneration for its stake in Tata Sons, the apex court stated that the SP Group shares would depend on the valuation of Tata Sons’ assets and that it would not involve into determining what should be a fair value.
The derived SP Group in 2020 had cleared that they want to separate from Tata Sons. The group has secured an amount of its 18.4% stake in Tata Sons at around Rs 1.75 lakh crore. Tata Sons, however, has estimated the value between Rs 70,000 and Rs 80,000 crore.
Mistry who was appointed by Ratan Tata, served as the chairman of the cars-to-coffee conglomerate from December 29, 2012, to October 24, 2016, when he was unofficially removed in a boardroom coup.
Mistry said, “Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. This is another step in the evolution of life for me and my family. We will celebrate the good times and take the knocks on our chins.”
“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 and present,” he said in a statement.
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‘Grateful for the opportunity — My conscience is clear’, Mistry in a statement said, “Over the past four years, I've had the opportunity to reflect on my actions and on whether I could have handled the generational change in leadership better.”
Continuing his statement, “In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences.”