NEW DELHI: With Supreme Court effectively putting a halt to the long drawn legal tussle between former Tata Sons chairman Cyrus Mistry and the promoter group by ruling in favour of the latter on Friday, Mistry said in a statement on Tuesday that he was disappointed with the SC verdict.
“Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case,” Mistry said. The SC had set aside the earlier National Company Law Appellate Tribunal (NCLAT) order restoring Mistry as executive chairman of the conglomerate.
Mistry added in his statement that although he would ”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 catalyse change. I sleep with a clear conscience.”
Mistry had raised several issues related to corporate governance and transparency, including alleged Rs 22 crore fraudulent transactions involving non-existent entities in India and Singapore in Tatas’ joint venture with Air Asia. He had also accused Ratan Tata of feeling insecure about his legacy.
“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,” Mistry said in his statement.