Tata Sons Vs Cyrus Mistry: Ratan Tata tweeted shortly after the Supreme Court Verdict.
The Supreme Court's judgment that backs the Tata Group's decision to remove Cyrus Mistry as the chairman "is a validation of the values and ethics that have always been the guiding principle of the group," industrialist Ratan Tata tweeted today shortly after the verdict.
Putting an end to one of the most dramatic boardroom battles in the recent history of corporate India, the Supreme Court judgement sets aside the company law tribunal order that had reinstated Mr Mistry. The top court also said the group's decision to remove him was right.
In a tweet, the 83-year-old ex-chairman of Tata Group wrote: "I appreciate and I am grateful for the judgement passed by the honourable Supreme Court today. It's not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgement upholding all the appeals of Tata Sons is a validation of the values and ethics that have always been the guiding principle of the group."
"It reinforces the fairness and justice displayed by our judiciary," he further added.
In October, 2016, Cyrus Mistry was removed as Tata Sons chairman after a dramatic ouster.
Months later, in December, two Mistry family-backed investment firms - Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd - moved the National Company Law Appellate Tribunal (NCLAT), alleging oppression of minority shareholders and mismanagement by Tata Sons. They also challenged Mr Mistry's removal.
Next year, in February, Mr Mistry was removed as a director on the board of Tata Sons, holding company of Tata group firms.
The legal battle went on. In December, 2019, the company law tribunal restored Mr Mistry as the executive chairman of the conglomerate.
Last year, Tata Sons had challenged the company law tribunal's decision in the Supreme Court. In December, the top court had reserved its verdict.
Today, that order was scrapped.
A bench headed by Chief Justice SA Bobde said the decision to remove Cyrus Mistry was right. "All questions of law are in favour of Tata Group," said the judges.
(With inputs from PTI)