In his first reaction post the Supreme Court (SC) verdict, Cyrus Mistry has said that as a minority shareholder of Tata Sons, he is personally disappointed by the outcome of the judgement with respect to the case but remains grateful for having had the opportunity to work with a team of people from diverse backgrounds in multiple industries and geographies. “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 added.
The Supreme Court on Friday ruled in favour of Tata Sons in its verdict on the cross-appeals filed by Tata Sons Pvt Ltd and Cyrus Investments Pvt Ltd over the National Company Law Appellate Tribunal (NCLAT) order. The NCLAT order had restored Cyrus Mistry, who succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later as the executive chairman of the Tata conglomerate.
“My aim at Tata, an iconic institution undergoing a generational change in leadership, was to ensure a robust Board driven system of decision making and governance that is larger than any one individual. It continues to be my belief that it is by such a model, that one would protect value for all stakeholders in Tata Sons and its various Group companies,” Mistry said.
Stating that he is humbled by the continued support he received from his former colleagues and other Board members, he added that his performance was reviewed by nearly 50 Independent directors across multiple Tata Boards that he served and the performance metric speaks for itself.
“Over the last four years, I have had the opportunity to reflect on my actions and on whether I could have handled the generational change in leadership better. In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences,” Mistry said.
Mistry thanked his legal team that remained steadfast and committed beyond the call of duty and said this is another step in the evolution of life for him and his family. “We will celebrate the good times and take the knocks on our chins,” he concluded.
Earlier, appreciating the SC verdict, Ratan Tata, the Chairman Emeritus of Tata Sons, said that the verdict is a validation of the values and ethics of the group.