Tata Sons welcomes NCLT order, says group acted in 'fair manner'
New Delhi: Tata Sons today said the NCLT order dismissing pleas of Cyrus Mistry vindicates that the group and its operating firms have "always acted in a fair manner and in the best interest of its stakeholders".
The National Company Law Tribunal (NCLT) Mumbai today dismissed pleas of Mistry challenging his removal as Tata Sons Chairman in October 2016.
Welcoming the order, Tata Sons Chairman N Chandrasekaran hoped "that a finality will be given to the judgement of NCLT, by all concerned in the larger interest of companies, the shareholders and the public".
"The judgement has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders," he said in a statement.
The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards, he added.
NCLT in today's ruling said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.
In October 2016, Mistry was ousted as Tata Sons Chairman.
Two months later, he and his family-run investment firm, Cyrus Investments, approached the NCLT as minority shareholders against the corporate monolith and others, including Ratan Tata, alleging oppression and mismanagement.