Will not be pursuing executive chairmanship of Tata Sons: Cyrus Mistry
New Delhi, Jan 05: Despite a National Company Law Appellate Tribunal (NCLAT) order going in his favour, Cyrus Mistry on Sunday said that he will not be "pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries".
"I intend to make it clear that despite the National Company Law Appellate Tribunal (NCLAT) order in my favour, I will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries," said Mistry in a statement.
"I am humbled by the NCLAT order, which after review of the enormous material on record, recognized the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr Tata and other Trustees," he added.
"I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty-year history of a seat at the Board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons," Mistry further added in the statement.
Tata Sons Ltd on Thursday moved the apex court against the reinstatement of Cyrus Mistry as the executive chairman of the group by company law tribunal NCLAT last month.
Mistry, the scion of the wealthy Shapoorji Pallonji family, had in December 2012 succeeded Ratan Tata as the Executive Chairman of Tata Sons, a post that also made him the head of all Tata group listed firms such as Tata Power and Tata Motors.
In an overnight coup, he was removed as the Chairman of Tata Sons in October 2016. Along with him, the entire senior management too was purged and Ratan Tata was back at the helms of affairs four years after he took retirement.