Basically, the turning point in Tata-Mistry saga, Cyrus Mistry on Sunday finally made a statement that he would ready not take up the chairmanship of Tata Sons or become director of any Tata Group company but he will definitely create all options to protect the Shapoorji Pallonji Group`s rights as minority stakeholder, including a seat at the Tata Sons` Board.
He also remarked that his decision has been made in the betterment of the Tata Group, "whose interests are far more important than the interests of any individual".
Even if tries to solve the wrong campaign that being conducted, I hit hard to make it clear that despite the NCLAT made it a clear order in my favour, I will not be continuing the Executive Chairmanship of Tata Sons, or any Directorship of TCS, Tata Teleservices or Tata Industries.
But in a recent media reports considered to Ratan Tata and others questioning the NCLAT judgment ahead of a hearing in the Supreme Court, he mainly contended these "profess an interpretation of corporate democracy as always being one of brute majoritarianism with no rights for minority stakeholders".
Mistry finally made a clear statement that the founding fathers of the Tata Group had also laid a strong ethical foundation that cared for all stakeholders and the relationship between the Tata Group and the Shapoorji Pallonji Group is mainly one spanning multiple decades that was built on the common agreement and mutual faith.
The final statement comes just days after Tata Sons and its Chairman Emeritus Ratan Tata moved the Supreme Court challenging the National Company Law Appellate Tribunal`s December verdict which ordered the return back of Mistry as the Chairman of Tata Sons.
Ratan Tata, in the petition again filed in the top court on January 3, by making a clear statement that the appellate tribunal`s verdict was "even senseless" and it made it down the core foundation (corporate and governing parts) of the company.
On Mistry`s replacement as the Chairman of Tata Sons, he told in front of the apex court in his petition that the relationship between Mistry and Tata Trusts had become odd and it was felt by Tata Trusts that he is not ready to provide robust leadership to Tata Sons in future.
Mistry was hired to become as the sixth chairman of Tata Group in 2012 but setback on October 24, 2016.
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