December 2016 | 648 words | 3-minute read
Statements by Tata Sons during the month of December 2016 on petitions served by Mr Cyrus P Mistry at the National Company Law Tribunal
December 22, 2016: Statement from Tata Sons
Mumbai: The National Company Law Tribunal today did not grant any interim reliefs in the Company Petition. The Parties have been directed to file replies and rejoinders in a fixed time table in January, 2017. The Court also ordered the Petitioner not to seek for any further interim reliefs in the subject matter.
Tata Sons believes that the Petition is not maintainable in law and the Court will hear Tata Sons on this issue at the outset at the next hearing.
Tata Sons does not wish to state any further since the matter is sub-judice.
December 20, 2016: Statement from Tata Sons
Mumbai: This afternoon Tata Sons Limited was served with a Petition under Sections 241 and 242 of the Companies Act before the National Company Law Tribunal. We understand that the Petition has been filed by investment companies of Mr. Cyrus Mistry. Tata Sons is in consultation with its lawyers and will contest the allegations therein.
Tata Sons reiterates that it has followed the highest standards of corporate governance in its operations and views the Petition as an unfortunate outcome of the situation arising from Mr. Mistry’s complete disregard of the ethos of the Tata Group and Jamsetji Tata. Despite, Mr. Mistry’s recent assertions that it is not a personal issue, it is evident that it always has been for him a personal issue which reflects his deep animosity towards Mr. Ratan N. Tata.
Mr. Mistry was the Chairman of Tata Sons for almost 4 years and it is surprising that he is now making allegations on activities of Tata Sons after doing little to address them, in his tenure both as a Director (since 2006) and a Chairman since 2012. Mr. Mistry’s removal as Chairman from the Board of Tata Sons Ltd was approved by an overwhelming majority of the Directors and it is unfortunate that Mr. Mistry has not been able to graciously accept the decision of the very same Board that appointed him.
December 19, 2016: Statement from Tata Sons
Mumbai: Tata Sons Ltd has taken note of the public announcement of the resignation by Mr. Cyrus Mistry from the Boards of Tata Companies. Mr. Mistry's resignation is a deliberate strategy on his part, knowing fully well that the overwhelming majority of the shareholders were not in support of his actions.
Unfortunately, Mr. Mistry continues to make baseless, unsubstantiated and malicious allegations using selective disclosures of information against the very institution he claims to have the highest regard for.
Tata Sons has responded to his charges on multiple occasions and will respond adequately to any allegations made by Mr. Mistry. Tata Sons strongly resents the claims by Mr Mistry to align with the values and ethics of Jamsetji Tata and the Tata Group. On the contrary, Mr. Mistry and his family companies have not upheld the high standards and values set by Jamsetji Tata and his successors. Mr. Mistry has done precious little to build the goodwill of the Tata Group, built through the hard work and dedication of its employees.
Mr. Mistry has been a director of Tata Sons since 2006 and as such was fully involved in all the key decisions that the Tata Group had taken over the years. It is unfortunate that it is only on his removal as chairman that he began making allegations and misrepresentations about business decisions he was party to for over a decade.
As Tata Group, we are committed to upholding the highest standards of ethics and value systems put in place by the Founders. It is these that have made the Group what it is today. We will do whatever it takes to protect the interests of all stakeholders of the Tata Group.