The assertion comes after the apex court docket upheld Tata Son’s determination to sack Cyrus Mistry as chairman of the salt-to-software conglomerate.
“The judgment of the Hon’ble Supreme Courtroom vindicates the place of Tata Sons and upholds the governance requirements adopted by the Tata Group over time. Tata Sons is grateful to the Hon’ble Supreme Courtroom,” the assertion stated.
It additional added, “Tata Group stays deeply dedicated to proceed its efforts in direction of improvement of the nation and constructing the enterprise conserving the long-term curiosity of shareholders and the group at giant.”
Tata Sons’ assertion on the Supreme Courtroom verdict. https://t.co/bIvdXo3W4z
— Tata Group (@TataCompanies) 1616758553000
The court docket pronounced its judgment on the cross appeals filed by Tata Sons and Cyrus Investments in opposition to the Nationwide Firm Legislation Appellate Tribunal (NCLAT) order which had restored Mistry as the manager chairman of the over $100 billion group.
It additionally refused to entertain Shapoorji Pallonji (SP) group’s plea for truthful compensation of their fairness shares in Tata Sons.
After the decision was pronounced, Tata group Chairman Emeritus Ratan Tata additionally hailed the choice and stated that it was “a validation of the values and the ethics which have all the time been the tenet of the group.”
The 83-year outdated took to social media platform Twitter and wrote: “It’s not a difficulty of profitable or dropping. Appreciating the judgement handed by the court docket.
“After relentless assaults on my integrity and the moral conduct of the group, the judgement upholding all of the appeals of Tata Sons is a validation of the values and the ethics which have all the time been the tenet of the group. It reinforces the equity and justice displayed by our judiciary,” he added.
— Ratan N. Tata (@RNTata2000) 1616742606000
The apex court docket had on January 10 final yr granted reduction to the Tata group by staying the NCLAT order by which Mistry was restored as the manager chairman of the conglomerate.
Mistry had succeeded Tata as chairman of the Tata Sons in 2012 however was ousted 4 years later, after which bitter authorized battles adopted.