Cyrus Mistry, who won the battle against Tata Group, might not stake a claim to the top position, a move that would end the country’s largest corporate battle.
The battle, which was fought at Mumbai court and later shifted to New Delhi, has been lingering since 2016.
“The fight was never for any position. It’s against mismanagement and oppression of minority shareholders’ rights, which led to the removal of Mistry as Tata Sons’ chairman,” a source close to the development told BusinessLine.
“The fight was to protect the rights and interests of minority shareholders,” he said, adding, “Probably, this will be the end of the battle”.
Cyrus Mistry’s statement
“Today’s judgment is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights. For over 50 years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of, Cyrus Mistry said in an e-mail statement.
The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons.
My endeavor as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth.
For the Tata Group to prosper as an institution, it is important that the management of individual companies, their boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group.
“I believe it is now time that all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish,” Cyrus Mistry said in his e-mail statement.