The National Company Law Appellate Tribunal's (NCLAT) judgment is a "victory for the principles of good governance", Cyrus Mistry said on Wednesday in a statement, after he was restored as the executive chairman of Tata Sons three years after he was sacked at a board meeting.
Here is the full statement by Cyrus Mistry:
"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.
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.
My endeavor 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.
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, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group.
I believe it is now time that all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish."