Ahead of Supreme Court hearing on Monday of the four petitions challenging Cyrus Mistry's reappointment, Mistry on Sunday has declared that he will not pursue the Tata Group's chairmanship, according to ANI. Moreover, he added that he will also not pursue directorship of TCS, Tata Teleservices or Tata Industries. He has expressed his gratitude at the NCLAT's recognition of his oppressive removal from the group.
Cyrus Mistry: I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr. Tata and other Trustees. https://t.co/PXCemcQHUK— ANI (@ANI) January 5, 2020
Mistry added, "My focus has always been upholding best standards in corporate governance. Interests of Tata group are far more important than the interest of any individual or me," according to PTI. He has also stated that he will protect the SP group's rights as a minority shareholder, including that of resuming the 30-year history of a seat at the Board of Tata Sons.
On Friday, Tata Teleservices Ltd (TTSL) and Tata Consultancy Services (TCS) approached the Supreme Court seeking dismissal of the National Company Law Appellate Tribunal (NCLAT)'s ruling on December 18. They have contested the ruling which re-instated Mistry as the executive chairman of the board, as per reports. Meanwhile, trustees of Sir Dorab Tata Trust and Sir Ratan Tata Trust and Noshir Soonawala who is a former Tata Trusts trustee have moved the SC seeking the dismissal of the judgement which stated that the board meeting removing Mistry was 'illegal' and had been set aside. The Chairman Emeritus has challenged that the NCLAT's conclusion of 'a relationship akin to a partnership between the Tata Group and the Shapoorji Pallonji Group'.
Earlier on December 18, awarding a massive victory to the Mistry, the NCLAT ruled in his favour on his petition challenging his removal as Chairman of Tata Sons. The NCLAT had stated that the board meeting removing Mistry was 'illegal' and had been set aside. Moreover reinstating him as executive chairman of Tata Sons, the NCLAT also set aside the change of Tata Sons from the public to private. The Tatas were given four weeks to appeal said the tribunal, as the restoration order will be operational only after four weeks.
Mistry had appealed to the NCLT Mumbai December 2016 after he was ousted as Tata Sons chairman. While his initial pleas were rejected, on August 29, the NCLAT finally admitted Mistry's plea in his personal capacity challenging his ousting and ruled in his favour in December. Reports state that the reason for Mistry's ouster was due to his constant disagreement with Tata chairman emeritus Ratan Tata on various deals with the flashpoint reportedly being when Mistry greenlighted Tata Power’s $1.4-billion acquisition of Welspun’s solar farms without allegedly seeking approval from key shareholders of Tata Sons or Tata himself.