"Not Surprised", Says Cyrus Mistry On Court Ruling In Favour Of Tatas: Full Text Here

Cyrus Mistry's plea challenging his removal as Tata Sons' chairman was dismissed on Monday. The National Company Law Tribunal (NCLT) dismissed Mr Mistry's petition which had alleged oppression of minority shareholders and mismanagement by Tata Sons, drawing the curtains on an 18-months long feud. Mr Mistry said that he was disappointed but not surprised with the verdict and that "an appeal on merits will be pursued" against the ruling.

Here is the full text of Cyrus Mistry's response on 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.