Cyrus Mistry’s Shapoorji Pallonji Group has urged the Supreme Court to evaluation its judgment that backs the Tata Group’s choice to take away him because the chairman.
Last month, the Supreme Court had endorsed the removal of Cyrus Mistry and put aside an organization legislation tribunal order that had reinstated him. “That failed business decisions and the removal of a person from Directorship can never be projected as acts oppressive or prejudicial to the interests of the minorities, is too well-settled. In fact it may be conceded today by Tata sons that one important decision that the Board took on 16.03.2012 certainly turned out to be a wrong decision of a life time,” stated the judges.
Days after the Tata Group’s massive win in one of the crucial high-profile boardroom authorized battles lately, Mr Mistry had said “life is not always fair” however “I sleep with a clear conscience”.
“As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case. Although I will no longer be able to influence the direction of governance of the Tata group directly, I hope that the issues I have raised, will cause deeper reflection and influence individuals concerned to catalyse change. I sleep with a clear conscience,” he stated stated in an announcement.
In October, 2016, Cyrus Mistry was eliminated as Tata Sons chairman after a dramatic ouster. Months later, in December, two Mistry family-backed funding corporations – Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd – moved the National Company Law Appellate Tribunal (NCLAT), alleging oppression of minority shareholders and mismanagement by Tata Sons. They additionally challenged Mr Mistry’s elimination.
Next yr, in February, Mr Mistry was eliminated as a director on the board of Tata Sons, holding firm of Tata group corporations. The authorized battle went on. In December 2019, the corporate legislation tribunal restored Mr Mistry as the manager chairman of the conglomerate.
Last yr, Tata Sons had challenged the corporate legislation tribunal’s choice within the Supreme Court. In March, the highest courtroom scrapped the the legislation tribunal’s order.
Industrialist Ratan Tata said the judgement was a “validation of the values and ethics that have always been the guiding principle of the group”.
“I appreciate and I am grateful for the judgement passed by the honourable Supreme Court today. It’s 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 ethics that have always been the guiding principle of the group,” he wrote in a tweet.
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