Ratan Tata, Tata Sons Welcome SC Dismissal Of Review Plea By Sapoorji Pallonji Group
On Thursday, SC dismissed a plea of the SP group seeking a review of the 2021 verdict which had upheld the Tata group's decision to remove Cyrus Mistry as the executive chairman of the Tata Sons
New Delhi: Tata Sons and veteran industrialist on Thursday welcomed the Supreme Court’s (SC’s) decision to dismiss Shapoorji Pallonji group’s petition seeking review of the apex court’s March 2021 judgment upholding Tata group’s decision to remove Cyrus Mistry as executive chairman of Tata Sons.
Chairman Emeritus Ratan Tata, while reacting to the development, said, “We would like to express our grateful appreciation of the judgement passed and upheld by the Supreme Court today,” while adding, “It reinforces the value systems and ethics of our judiciary.”
Tata Sons in a statement said: “We welcome today's order of the Hon'ble Supreme Court with humility. It reaffirms, once again, Tata Group's position which was upheld by a unanimous judgment last year.”
We would like to express our grateful appreciation of the judgement passed and upheld by the Supreme Court today.
— Ratan N. Tata (@RNTata2000) May 19, 2022
It reinforces the value system and the ethics of our judiciary.
The company also reiterated "its commitment to work towards nation building, and maintaining standards of governance and ethical conduct that have guided Tata Group in all its businesses over the years.”
On Thursday, SC dismissed a plea of the SP group seeking a review of the 2021 verdict which had upheld the Tata group's decision to remove Cyrus Mistry as the executive chairman of the Tata Sons.
A bench headed by Chief Justice N V Ramana, however, ordered the deletion of certain remarks made against Cyrus Mistry in the March 2021 verdict.
Mistry, who took over the reins of the Tata Group from Ratan Tata in 2012, was ousted as Chairman of Tata Sons in October 2016 as "the board of Tata Sons lost confidence in him and his ability to lead the Tata Group in future".
When NCLT Mumbai dismissed the pleas of the two Mistry family backed firms, they moved the NCLAT, which restored Mistry as executive chairman of Tata Sons, but suspended its implementation for four weeks in order to provide time for Tatas to appeal.
Then on January 2, 2020, Tata Sons challenged the NCLAT decision of December 18, 2019 before the Supreme Court. On March 26, 2021, the SC delivered its verdict, allowing Tata Group's appeals and sets aside the NCLAT order restoring Mistry as executive chairman of the Group.
With agency inputs
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