Ousted Tata Sons Chairman Cyrus Mistry on Tuesday expressed disappointment over the Supreme Court’s order in the fight against the conglomerate over his removal. However, in a statement put out by Mistry he raised some concerns about the Tata Group.
By asserting his conscience was clear and had no doubt about the direction he took regarding the generational change in leadership during his tenure, were some of the statements that Mistry made.
On Friday, the apex court order set aside National Company Law Appellate Tribunal (NCLAT) order restoring Mistry as executive chairman of the conglomerate, while allowing appeals filed by the Tata Group. The court also dismissed pleas of Mistrys on Friday.
Some highlights of the letter:
– “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.”
– “My aim at Tata, an iconic institution undergoing a generational change in leadership, was to ensure a robust 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.”
– “Over the last four years, I have had the opportunity to reflect on my actions and on whether I could have handled the generational change in 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.”
– “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 catalyse change. I sleep with a clear conscience.”
– “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 & 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.”
(With input from agencies)