TATA SONS, the holding firm of Tata group, has said the order of Supreme Court in its fight against ousted chairman Cyrus Mistry vindicates its position and upholds the governance standards adopted by the firm over the years.
India’s top court has set aside the National Company Law Appellate Tribunal (NCLAT) order restoring Mistry as the executive chairman of the conglomerate, while allowing appeals filed by the Tata Group.
“Tata Group remains deeply committed to continue its efforts towards development of the nation and building the business keeping the long-term interest of shareholders and the community at large,” Tata Sons said in a statement.
Tata group chairman emeritus Ratan Tata hailed the Supreme Court order as ‘a validation of the values and the ethics that have always been the guiding principle of the group.’
“It is not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgement upholding all the appeals of Tata Sons is a validation of the values and the ethics that have always been the guiding principle of the group,” Tata wrote on Twitter.
“It reinforces the fairness and justice displayed by our judiciary.”
A bench of chief justice S A Bobde, justices A S Bopanna and V Ramasubramanian said it is allowing the appeals filed by Tata Group.
“All the questions of law are liable to be answered in favour of the appellants Tata Group and the appeals filed by the Tata Group are liable to be allowed and those by Shapoorji Pallonji Group are liable to be dismissed,” the court said.
The apex court on January 10 last year granted relief to the Tata group by staying the NCLAT order by which Mistry was restored as the executive chairman of the conglomerate.
Mistry had succeeded Tata as chairman of the Tata Sons in 2012 but was ousted four years later, after which bitter legal battles followed.