"Wont Pursue Executive Chairmanship Of Tata Sons": Cyrus Mistry
Cyrus Mistry said he will not pursue chairmanship of Tata Sons Mr Mistry said, "I am humbled by the NCLAT order" Legal fight was about protecting rights of minority shareholders
A day ahead of the Supreme Court hearing, in which Ratan Tata challenged the National Company Law Tribunal's (NCLAT) verdict reinstating Cyrus Mistry as the Tata Sons Chairman, Cyrus Mistry has said that he is humbled by the NCLAT order and does not intend to pursue executive chairmanship of Tata Sons. Mr Mistry, the ousted Tata Sons chairman, in a public statement on late Sunday evening said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual.
"I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees," Mr Mistry said in a statement.
Mr Mistry made it clear that he does not intend to pursue executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries.
"I intend to make it clear that despite the National Company Law Appellate Tribunal (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," Mr Mistry said.
"I will however 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," Mr Mistry said in a statement.
Mr Mistry added that Tata Group's leadership has shown scant respect for the rights of minority shareholders in the last three years.
"In the last three years, both in conduct and in their statements to the world at large, the Tata Group's leadership has shown scant respect for the rights of minority shareholders. It is time the Group's management introspects and reflects on its conduct as it embarks on future actions," Mr Mistry said.
He added that the legal fight between Tata Group and him is about protecting the rights of minority shareholders and upholding their right to demand a higher standard of corporate governance from controlling shareholders.
"As an 18.37% shareholder, it is in our own interest to ensure the Group's long-term success. My family, although a minority partner, has been a guardian of the Tata Group for over five decades. This legal fight has never been about me. It has always been and will always be about protecting the rights of minority shareholders and upholding their right to demand a higher standard of corporate governance from controlling shareholders," Mr Mistry added.