Stand vindicated, want robust governance framework: Mistry
After the NCLAT on Wednesday restored him as Executive Chairman of Tata Sons, Cyrus Mistry termed the judgment as a vindication of his stand and called for a robust governance framework to protect all stakeholders.
On October 24, 2016, the Tata Sons Board had ousted Mistry and appointed Ratan Tata as the interim Chairman.
"Today's judgment is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of," Mistry said in a statement after the judgment.
"The outcome of the appeal is a vindication of my stand taken when the then Board of Tata Sons, without warning or reason removed me, first as the Executive Chairman, and subsequently as a Director of Tata Sons."
Nonetheless, after three years, Mistry on Wednesday made a come back via a NCLAT order restoring him as the Executive Chairman of the conglomerate.
In his statement, Mistry said: "My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth."
According to Mistry, for the Tata Group to prosper as an institution, it is important that the "management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework...."
On Wednesday, the NCLAT, restoring Mistry as Executive Chairman of Tata Sons, also ruled that Tata Sons' move to turn private was unlawful and ordered a reversal. It also gave the holding firm of the Tata Group four weeks to appeal the order. IANS