Cyrus Mistry on Sunday (January 5) said he is not interested in getting back to the Tata Group in any capacity at all, ahead of the Supreme Court’s hearing on an urgent petition seeking to set aside the National Company Law Appellate Tribunal (NCLAT) order reinstalling him as the group chairman and also in the board of group companies.
Mistry, the ousted Tata Sons chairman, in a public statement on late Sunday evening said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual.
“To dispel the misinformation campaign being conducted, I intend to make it clear that despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder, including a seat on the board,” he said.
In December, NCLAT restored Mistry as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal.
The NCLAT, however, stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal. Setting aside a lower court order, the NCLAT also quashed the conversion of Tata Sons into a private company from a public firm.
Mistry, a scion of wealthy Shapoorji Pallonji family, was in a coup removed as Chairman of Tata Sons in October 2016. He was the sixth chairman of Tata Sons and had taken over in 2012 after Ratan Tata. He was later also removed as a director on the board of Tata Sons. However, Mistry and Tata family patriarch Ratan Tata had reportedly falling out over key investment decisions, including manufacturing of worlds cheapest car Nano. Mistry, whose family owns 18.4% stake in Tata Sons, challenged his removal in the NCLT.