The statement comes after the apex court upheld Tata Son’s decision to sack Cyrus Mistry as chairman of the salt-to-software conglomerate.
“The judgment of the Hon’ble Supreme Court vindicates the position of Tata Sons and upholds the governance standards adopted by the Tata Group over the years. Tata Sons is grateful to the Hon’ble Supreme Court,” the statement said.
It further added, “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’ statement on the Supreme Court verdict. https://t.co/bIvdXo3W4z
— Tata Group (@TataCompanies) 1616758553000
The court pronounced its judgment on the cross appeals filed by Tata Sons and Cyrus Investments against the National Company Law Appellate Tribunal (NCLAT) order which had restored Mistry as the executive chairman of the over $100 billion group.
It also refused to entertain Shapoorji Pallonji (SP) group’s plea for fair compensation of their equity shares in Tata Sons.
After the verdict was pronounced, Tata group Chairman Emeritus Ratan Tata also hailed the decision and said that it was “a validation of the values and the ethics that have always been the guiding principle of the group.”
The 83-year old took to social media platform Twitter and wrote: “It is not an issue of winning or losing. Appreciating the judgement passed by the court.
“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. It reinforces the fairness and justice displayed by our judiciary,” he added.
— Ratan N. Tata (@RNTata2000) 1616742606000
The apex court had 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.