Mistry Says Ruling Not Surprising, To Pursue Appeal
Cyrus Mistry said the company law tribunal’s ruling rejecting all his allegations against Tata Sons Ltd. and others is “disappointing, although not surprising”.
An appeal “on merits will be pursued”, the ousted chairman of Tata Sons said in a statement. “Not only the facts that were under consideration but also subsequent facts and developments that continue to evidence oppression and mismanagement will be under scrutiny and will be pursued in full earnest.”
The National Company Law Tribunal ruled in Tata Sons’ favour, finding no merit in Mistry’s allegations of mismanagement and oppression of minority shareholders. The Tata Group’s parent had all right to remove him as chairman, it said.
Mistry said the ruling was in line with NCLT’s previous position on that matter. The tribunal had in March 2017 found two Mistry firms ineligible to pursue allegations against Tata Sons as they didn’t have the required shareholding. The appellate tribunal then granted Mistry waiver from the condition and sent the case back the NCLT.
After deliberating since October last year, the NCLT bench dismissed all allegations, including the one that Ratan Tata and NA Soonawala interfered in the governance of Tata Sons.
Mistry said he will also bring other matters to the fore, including those of Tata Teleservices Ltd., Air Asia India, recovery of dues from C Sivasankaran, loss-making Nano project and a struggling resolution of Tata Steel Europe.
We will continue to strive for ensuring good governance and protection of interests of minority shareholders and all stakeholders in Tata Sons from the wilful brute rule of the majority.Cyrus Mistry, Former Chairman, Tata Sons