Tata Group's Chairman Emeritus Ratan Tata has welcomed the Supreme Court's judgement to set aside NCLAT (National Company Law Appellate Tribunal) verdict in the five-year-old case between Tata Group and Cyrus Mistry.
The industrialist, in a tweet, on Friday, minutes after the SC judgement, "appreciated" the top court's verdict, stating that it is a validation of the values and ethics of Tata Group.
"I appreciate and am grateful for the judgement passed by the honourable Supreme Court today. It is not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgment upholding all the appeals of Tata Sons is a validation of the values and ethics that have always been the guiding principles of the group," he said. "It reinforces the fairness and justice displayed by our judiciary," Ratan Tata noted.
The SC on Friday allowed Tata Sons' appeal against the order passed by the National Company Law Tribunal. In a big win for Tata Sons, the apex court upheld Cyrus Mistry's removal from the post of Chairman. The NCLAT order had asked the Tata conglomerate to reinstate Cyrus Mistry as the executive chairman of the company in December 2019.
Also Read: Win for Tata; no comeback for Mistry
The apex court answered all legal questions involved in the favour of Tata Sons. The SP Group appeal was dismissed. "We find all the questions of law are liable to be answered in favour of the appellants, Tata Group and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," the Supreme Court said.
On the topic of valuation of shares and the SP Group pledging its shares in Tata Sons to raise funds, the apex court said that both parties were at liberty to raise the issue at the appropriate forum.
A bench headed by Chief Justice SA Bobde and Justices AS Bopanna and V Ramasubramanian ruled on the matter. The Supreme Court had reserved its order on December 17 after hearing both the parties.