A number of days after the Supreme Court (SC) upheld Cyrus Mistry’s removal as executive chairman of Tata Sons, he has come out with an emotional statement. Mistry stated he is grateful for the chance to signify the enduring establishment however added that “life is not always fair”.
“During my tenure as executive chairman of Tata Sons, it was always my duty and privilege to present India to the global business community as a market of great opportunity and promise, backed by an effective rule of law that is just, equitable and evolved,” the 52-year-old stated.
“At Tata Sons, I have had the opportunity to work with a fantastic team of people from diverse backgrounds in multiple industries and geographies all bound together by a common value system embedded by the founders into the Tata Group. For that opportunity, I shall be eternally grateful,” Mistry added.
In his statement, Mistry additionally defined that he needed to make sure a strong board-driven system of determination making and governance that is bigger than anyone particular person.
“A key focus was to enable the directors on various boards to discharge their fiduciary duties without fear or favour, while still ensuring that shareholders views were reflected in strategy and actions. It continues to be my belief that it is by such a model, that one would protect value for all stakeholders in Tata Sons and its various Group companies,” Mistry stated.
“To this end, my performance was reviewed by nearly 50 Independent directors across multiple Tata Boards that I served. Beyond the performance metric that speaks for itself and the documented appreciation for my initiatives, I am humbled by the continued support I have received from my former colleagues and other Board members,” he added.
“All the successes we achieved, was built on the efforts of a very talented team including my executive management team (The GEC), the managers and staff of Tata Sons as well as the management teams in the Tata operating companies supported by their respective board members.”
Cyrus Mistry went on to say that over the past 4 years — after he was ousted by the board of Tata Sons as govt chairman — he had the chance to replicate on his actions, and whether or not he might have dealt with the era change in management on the group higher.
“In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences,” he stated.
Speaking in regards to the current Supreme Court verdict upholding his removal, Mistry stated, “Every member of society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of the judgement with respect to our case.”
Mistry hopes that the problems he raised will result in “deeper reflection” and affect people involved to catalyst change.
“I sleep with a clear conscience,” he added.
‘LIFE IS NOT ALWAYS FAIR’
In conclusion, Cyrus Mistry stated that “life is not always fair” however added that he is fortunate to have the assist of his mates, household, mates, colleagues.
“Life is not always fair, but we are still the lucky ones I am lucky to have the unwavering support of my family, friends, colleagues – past and present. I am grateful to my legal team that has remained steadfast and committed beyond the call of duty, through this journey,” Mistry stated.
“This is another step in the evolution of life for me and my family. We will celebrate the good times and take the knocks on our chins,” he added.
On Friday, the SC upheld the ouster of Cyrus Mistry as govt chairman of Tata Sons, ending the bitter board room battle that started in 2016.
A 3-judge bench, headed by Chief Justice of India (CJI) SA Bodbe, gave its verdict on the premise of cross-appeals filed by the 2 entities on the 2019 National Company Law Appellate Tribunal (NCLAT) order reinstating Mistry as govt chairman of Tata Sons.
The high court docket’s judgement has been termed as a big win for Tata Sons, which had earlier appealed in opposition to the NCLAT order. The order additionally paves the best way for the separation of Tata Group and its biggest minority shareholder, Shapoorji Pallonji (SP) group.