Cyrus Mistry 'disappointed, not surprised' by NCLT ruling

Former Tata Group chairman Cyrus Mistry in a statement said he was "disappointed" but not surprised by the National Company Law Tribunal's (NCLT) dismissal of his petition.

"The ruling of the National Company Law Tribunal is disappointing although not surprising. 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," a statement from the office of Cyrus Mistry read.

The statement further noted that an appeal on merits will be pursued, along with matters like Air Asia, recovery of dues from Siva, non-closure of a loss-making Nano and a struggling resolution of Tata Steel Europe.

"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," it added.

Meanwhile, Tata Sons welcomed the NLCT ruling and added that the order of the NCLT vindicates the position of Tata Trusts and Tata Sons.

"The judgment has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders. The Tata Group has always been committed and will continue to be committed to transparency and good corporate governance of global standards Tata Sons hopes that a finality will be given to the judgement of NCLT, Mumbai by all concerned in the larger interest of companies, the shareholders, and the public," said N Chandrasekaran, Chairman, Tata Sons, in a statement.

The NCLT on Monday rejected former Tata Group chief Cyrus Mistry's petition against Tata Sons.
Mistry's petition challenged his dismissal as chairman of the business conglomerate, and also highlighted alleged operational mismanagement.

Mumbai NCLT's division bench, headed by B.S.V. Prakash Kumar and V. Nallasenapathy, in an oral order, ruled that Cyrus was removed as Tata Sons chairman because shareholders lost trust in him.

--ANI