Days after the Supreme Court ruling in favour of Tata Sons, Cyrus Mistry on March 30 thanked the conglomerate for providing the opportunity to serve as its executive chairman and said that his conscience is clear. However, he said he is disappointed by the outcome of the judgement.
The Supreme Court on March 26 ruled in favour of Tata Sons, allowing the conglomerate's appeals against the National Company Law Appellate Tribunal (NCLAT) order reinstating Cyrus Mistry as chairman.
In a letter, the former chairman of Tata Sons said: "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."
He added, "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 catalyze change. I sleep with a clear conscience."
Mistry also thanked his legal team that has remained steadfast and committed beyond the call of duty.
The apex court had set aside the December 17, 2019, NCLAT order which allowed reinstatement of Mistry as chairman of Tata Sons and as a director on the board.
The bench -- comprising Chief Justice Bobde and Justices AS Bopanna and V Ramasubramanian -- dismissed appeals filed by Mistry-family controlled Shapoorji Pallonji Group, which owns an 18.37 percent stake in the salt-to-steel conglomerate.
Later, Chairman Emeritus of Tata Sons -- Ratan Tata -- said he is grateful for the judgment."It is not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, judgement upholding all the appeals of Tata Sons is a validation of values and ethics that have always been the guiding principles of the group," he said in a tweet.