“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,” it said in a statement.
“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,” it further added.
The Supreme Court on Friday upheld the ouster of Cyrus Mistry as the group’s executive chairman and set aside the National Company Law Appellate Tribunal (NCLAT) order. Appreciating the Supreme Court judgement, Ratan Tata, the Chairman Emeritus of Tata Sons said that the verdict is a validation of the values and ethics 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 ethics that have always been the guiding principles of the group," Tata said in a tweet. He added that it reinforces the fairness and justice displayed by the Indian judiciary.
The apex court on Friday accepted all contentions of the Tata conglomerate.
A bench headed by Chief Justice S A Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. Shapoorji Pallonji Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016.
"We find 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 Shapoorji Pallonji group is liable to be dismissed," said the top court.
The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value.
With IANS inputs