Renowned industrialist and Chairman Emeritus of Tata Group Ratan Tata today welcomed the Supreme Court's decision to reject a review plea filed by Cyrus Mistry's Shapoorji Pallonji Group to review its 2021 judgment that backed the Tata Sons' decision to remove him as the Chairman. He said it "reinforces the value system and the ethics of our judiciary" hours after the court order.
"We would like to express our grateful appreciation of the judgement passed and upheld by the Supreme Court today.
It reinforces the value system and the ethics of our judiciary," Mr Tata tweeted.
In October 2016, Mr Mistry was removed as Tata Sons Chairman in a dramatic ouster. Months later -- in December 2016 -- two Mistry family-backed investment firms - Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd - had moved the National Company Law Appellate Tribunal (NCLAT), alleging mismanagement by Tata Sons.
Mr Mistry had sought reconsideration of the court's March 2021 order and also expunge of certain remarks against him in the said order.
Senior advocate Harish Salve, appearing for the Tata Group, said the court may permit the deletion of one or a few sentences not for the reasons given in the application of the SP group.
In March last year, the top court had endorsed the removal of Mr Mistry and set aside a company law tribunal order that had reinstated him.
Mr Tata had said the judgement was a "validation of the values and ethics that have always been the guiding principle of the group."
