Tata-Mistry case: What Ratan Tata said after SC verdict

The apex court on Friday ruled in favour of the Tatas in one of the most high-profile and publicly fought corporate battles

Minutes after the Supreme Court upheld the removal of Cyrus Mistry as the executive chairman of Tata Sons and director on the board of the company, Tata Sons Chairman Ratan Tata said that the verdict was a "validation of the values and ethics that have always been the guiding principles of the group."

Also read: SC rules in favour of Tatas in corporate battle with Cyrus Mistry

In the tweet, Ratan Tata also said that the judgment reinforced the fairness and justice by the judiciary

A bench of Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian said it is allowing the appeals filed by Tata Group.

The court said, "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 those by Shapoorji Pallonji Group are liable to be dismissed."

The apex court had on January 10 last year granted relief to the Tata group by staying the NCLAT order by which Mistry was restored as the executive chairman of the conglomerate.

Mistry had succeeded Tata as chairman of the Tata Sons in 2012 but was ousted four years later, after which bitter legal battles followed.

Days after the ouster, Tata had explained to shareholders of group firms that Mistry was replaced as the Chairman of Tata Sons after four years in that role on October 24, 2016, "because the board of Tata Sons lost confidence in him and his ability to lead the Tata Group in future".

Also read: Here's everything you need to know about the Tata-Mistry tussle

He also had stated that the board felt that Mistry's removal was “absolutely necessary” for the future success of the group.

On the other hand, Mistry, who termed his sacking as an “illegal coup”, alleged that his ouster was aimed to cut short his "attempt to bring about reform" at the Tata group.

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' joint venture with Air Asia.

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.

"I have treated Ratan Tata with the respect and dignity that he can command. Indeed, a retired chairman can always feel that his “legacy” 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," Mistry had said.

(With PTI inputs)