Tata group Chairman Emeritus Ratan Tata on Friday hailed the order by Supreme Court in the conglomerate\u2019s legal battle against ousted Chairman Cyrus Mistry as \u201ca validation of the values and ethics that have always been the guiding principle of the group\u201d.<\/p>\n
Reacting to the apex court order setting aside the NCLAT order, restoring Mr. Mistry as the executive chairman of the conglomerate, Mr. Tata in a tweet said, \u201cIt is not an issue of winning or losing\u201d.<\/p>\n
Appreciating the judgement passed by the Supreme Court, he said, \u201cAfter 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 the ethics that have always been the guiding principle of the group.\u201d He further said, \u201cIt reinforces the fairness and justice displayed by our judiciary.\u201d A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian said it is allowing the appeals filed by Tata Group.<\/p>\n
The court said, \u201cAll 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 those by Shapoorji Pallonji Group are liable to be dismissed.\u201d The apex court had on January 10 last year granted relief to the Tata group by staying the NCLAT order by which Mr. Mistry was restored as the executive chairman of the conglomerate.<\/p>\n
Mr. Mistry had succeeded Mr. Tata as chairman of the Tata Sons in 2012 but was ousted four years later, after which bitter legal battles followed.<\/p>\n
Days after the ouster, Mr. Tata had explained to shareholders of group firms that Mr. Mistry was replaced as the Chairman of Tata Sons after four years in that role on October 24, 2016, \u201cbecause the board of Tata Sons lost confidence in him and his ability to lead the Tata Group in future\u201d.<\/p>\n
He also had stated that the board felt that Mr. Mistry\u2019s removal was \u201cabsolutely necessary\u201d for the future success of the group.<\/p>\n
On the other hand, Mr. Mistry, who termed his sacking as an \u201cillegal coup\u201d, alleged that his ouster was aimed to cut short his \u201cattempt to bring about reform\u201d at the Tata group.<\/p>\n
Mr. Mistry had raised issues related to corporate governance and transparency, alleged Rs 22 crore fraudulent transactions involving non-existent entities in India and Singapore in Tatas\u2019 joint venture with Air Asia.<\/p>\n
He also repeatedly questioned the role of Tata Trusts in the running of Tata Sons, the promoter company of major operating firms of the conglomerate.<\/p>\n
\u201cI have treated Ratan Tata with the respect and dignity that he can command. Indeed, a retired chairman can always feel that his \u201clegacy\u201d is under threat. But a retired chairman can also move on without feeling insecure about his legacy and have the emotional stature to know that what was once a right decision at one point in time may not be a right decision at another point in time,\u201d Mr. Mistry had said. <\/p>\n