Former Tata Sons Chairman Cyrus Mistry spoke up on the Supreme Court's judgment in the long-drawn fight against Tata Sons. The apex court had stated that the company was well within its rights to oust Mistry. Mistry in a statement titled 'Grateful for the opportunity - My conscience is clear' said that he is personally disappointed by the verdict. He added that he, however, sleeps with a clear conscience. Calling the setback another step in his and his family's evolution, Mistry said that he will celebrate the good times and take the knocks on his chins.
"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," he said. Mistry said that his aim at Tata was to ensure a robust a board driven system of decision making and governance that is "larger than any one individual".
"A key focus was to enable the directors on various Boards to discharge their fiduciary duties without fear or favor, 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," stated Mistry in the statement.
He said his performance was reviewed by nearly 50 independent directors across multiple Tata boards. Mistry said that the performance metric and the documented appreciation for his initiatives speaks for itself. "I am humbled by the continued support I have received from my former colleagues and other Board members. 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," said Mistry.
Mistry added that he had the opportunity to reflect on his actions over the last four years and looked at whether he could have handled the generational change in Tata leadership better. "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 said.
"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. Although I will no longer be able to influence the direction of governance of the Tata group directly, I hope that the issues I have raised, will cause deeper reflection and influence individuals concerned to catalyze change. I sleep with a clear conscience," he said.
Cyrus Mistry added that life is not always fair but he is lucky to have the unwavering support of his family, friends, 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. 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 concluded.
Cyrus Mistry was the Chairman of Tata Sons from December 27, 2012 to October 24, 2016 when he was sacked in a boardroom meeting. On December 18, 2019, a National Company Law Appellate Tribunal (NCLAT) order restored Mistry as Chairman of the conglomerate. On January 10, 2020, the Supreme Court stayed the NCLAT order. On March 26, the top court set aside the NCLAT order.
Also read: Win for Tata; no comeback for Mistry