By CNBC-TV18 Jan 6, 2020 7:48:33 AM IST (Updated)
Cyrus Mistry said that his legal battle against Tata Sons was never about him, but rather to protect the rights of minority shareholders. He said that the Shapoorji Pallonji Group has been with the Tata group for the past decades and it is in his family's interest to secure the group's interests.
Cyrus Mistry ruled out his return as the chairman of Tata Sons despite an appellate court ruling that reinstated him as the boss of the salt-to-software conglomerate but said he will pursue a board seat.
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In December, he won a ruling by the National Company Law Appellate Tribunal (NCLAT) against the Tata group and Tata family patriarch Ratan Tata. The NCLAT called his removal as chairman of Tata Sons in October 2016 illegal.
"I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries," he said in a statement released to the media. But he said he will vigorously pursue all options "to protect our rights as a minority shareholder, including that of resuming the thirty-year history of a seat at the board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons".
Mistry, the scion of the wealthy Shapoorji Pallonji family that owns a minority stake in Tata Sons, has been locked in a legal feud with the Tatas since October 2016.
On Sunday, Mistry said the statement is being made in the interests of the Tata Group, whose interests are far more important than the interests of any individual. He said he was making it clear that he will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries because he wanted to dispel "the misinformation campaign being conducted (against him).
Mistry said that his legal battle against Tata Sons was never about him, but rather to protect the rights of minority shareholders. He said that the Shapoorji Pallonji Group has been with the Tata group for the past decades and it is in his family's interest to secure the group's interests.
Evoking the history of the Tata group, Mistry said that the founding fathers had laid an ethical foundation and cared for minority stakeholders.
"The founding fathers of the Tata Group had laid a strong ethical foundation that cared for all stakeholders. The relationship between the Tata Group and the Shapoorji Pallonji Group is one spanning multiple decades that was built on a common agreement and mutual faith. Former Tata leaders worked together with the minority partner to create value for all stakeholders".
Ratan Tata, Tata Sons, the holding company of the group and a bunch of Tata companies have petitioned the Supreme Court seeking to set aside an order by an appellate court that held him guilty of prejudicial and oppressive acts. In their pleas, they have scathingly defended the removal of Mistry and presented an unflattering portrayal of Mistry's leadership capabilities.
Mistry was named Tata Sons chairman in 2012 before his ouster.
First Published: Jan 5, 2020 6:24 PM IST
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