Cyrus Mistry's counsel on Monday expressed disappointment over the NCLT ruling and said that they will appeal against the verdict.
The National Company Law Tribunal (NCLT) on Monday ruled in favour of Tata Sons, dismissing a plea by Cyrus Mistry against his ouster as chairman of the holding company.
Here is the full text of the statement released by the office of Cyrus Mistry following the NCLT verdict:
The ruling of the National Company Law Tribunal is disappointing although not surprising. We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority.
The ruling is in line with the earlier position expressed by the Tribunal. An appeal on merits will be pursued. Matters like TTSL, Air Asia, recovery of dues from Siva, non-closure of a loss-making Nano, a struggling resolution of Tata Steel Europe, all present serious issues that will be pursued. Not only the facts that were under consideration but also subsequent facts and developments that continue to evidence oppression and mismanagement will be under scrutiny and will be pursued in full earnest.
Ours has always been a principled fight to restore the Tata Group to its glorious days of high standards, best practices and most importantly, the best value systems. In this journey, no matter how hard it may seem, as shareholders who have always supported the Tata Group, it remains our duty to protect the Tata Group from those were destroying value and making the Group vulnerable to external forces.
First Published: IST