SC ordinance confirms our position and maintains governance standards: Tata Sons on verdict

NEW DELHI: Son Tata – the holding company if Tata Group – expressed gratitude to the Honorable Supreme Court on Friday for its decision to fight the former president Cyrus Mistry and said the verdict confirmed the company’s position.
The statement comes after the Supreme Court upheld Tata Son’s decision to sack Cyrus Mistry as chairman of the salt-to-software conglomerate.
“The judgment of the Hon’ble Supreme Court confirms the position of Tata Sons and confirms the governance standards adopted by the Tata Group over the years. Tata Sons thanks the Hon’ble Supreme Court,” the statement read.
He added, “Tata Group remains deeply committed to continuing its efforts for nation development and enterprise building while keeping the long-term interest of shareholders and the community at large.”

The court delivered judgment on cross-appeals filed by Tata Sons and Cyrus Investments against the National Company Law Appellate Tribunal (NCLAT) order that restored Mistry as executive chairman of the more than $ 100 billion group.
He also refused to hear the Shapoorji Pallonji (SP) group’s plea for fair compensation for their actions in Tata Sons.
After the delivery of the verdict, the president emeritus of the Tata group Ratan Tata also welcomed the decision and said it was “a validation of the values ​​and ethics which have always been the guiding principle of the group”.
The 83-year-old took to the social media platform Twitter and wrote: “It’s not about winning or losing. Appreciating the judgment rendered by the court.
“After relentless attacks on my integrity and the ethical conduct of the group, the judgment that upholds all of Tata Sons’ appeals is a validation of the values ​​and ethics that have always been the group’s guiding principle. It strengthens the fairness and justice displayed by our judicial system, ”he added.

On January 10 last year, the Supreme Court granted redress to the Tata group by staying the NCLAT order by which Mistry was reinstated as executive chairman of the conglomerate.
Mistry had succeeded Tata as president of the Tata Sons in 2012, but was ousted four years later, after which bitter legal battles ensued.