Page 43 - 31JAN2020E3

CORPORATES

that he will “vigorously pursue all op- it is in his family’s interest to secure the incorporation of the highest standards
tions to protect our rights as a minority group’s interests. “As an 18.37 per cent of corporate governance and transpar-
shareholder”. shareholder, it is in our own interest ency at Tata Sons,” Mistry added.
Shapoorji Pallonji Group scion to ensure the. My family, although a
Cyrus Mistry had been engaged in a minority partner, has been a guardian he founding fathers of the Tata
boardroom battle against Tata Sons of the Tata Group for over five decades,” Group had laid a strong ethical
over his unceremonious termination Mistry said. “This legal fight has never T foundation that cared for all
from the company’s board in October been about me. It has always been and stakeholders. The relationship between
2016. He said, “To dispel the misinfor- will always be about protecting the the Tata Group and the Shapoorji Pal-
mation campaign being conducted, I rights of minority shareholders and lonji Group is one spanning multiple
intend to make it clear that despite the upholding their right to demand a decades that was built on common
NCLAT order in my favour, I will not be higher standard of corporate govern- agreement and mutual faith.
Former Tata lead-
ers worked together
On Dec 18, the tribunal with the minority
partner to create value
ruled reinstating for all stakeholders.
In the last three years,
Cyrus Mistry as the both in conduct and
Executive Chairman of in their statements to
the world at large, the
Tata Group and also Tata Group’s leader-
termed conversion of ship has shown scant
respect for the rights
Tata Sons from a public of minority share-
company to a private holders. It is time the
Group’s management
one by the RoC as introspects and re-
‘illegal’. It also termed flects on its conduct as
it embarks on future
the appointment of N actions.
The statement
Chandrasekaran added “I am humbled
as ‘illegal’ by the NCLAT order,
which after review
of the enormous
material on record
recognized the illegal
pursuing the executive chairmanship ance from controlling shareholders.” manner in which I was removed and
of Tata Sons, or directorship of TCS, He said that this statement is be- the oppressive and prejudicial conduct
Tata Teleservices or Tata Industries.” ing made in the interests of the Tata of Mr. Tata and other Trustees”.
“I will however, vigorously pursue Group, whose interests are far more As an 18.37 per cent shareholder,
all options to protect our rights as a important than the interests of any it is in our own interest to ensure the
minority shareholder, including that individual. “To dispel the misinforma- Group’s long-term success. My family,
of resuming the 30-year history of a tion campaign being conducted, I although a minority partner, has been
seat at the Board of Tata Sons and the intend to make it clear that despite the a guardian of the Tata Group for over
incorporation of the highest standards NCLAT order in my favour, I will not five decades. This legal fight has never
of corporate governance and transpar- be pursuing the executive chairman- been about me. It has always been and
ency at Tata Sons,” he added. ship of Tata Sons, or directorship of will always be about protecting the
Mistry said that his legal battle TCS, Tata Teleservices or Tata Indus- rights of minority shareholders and
against Tata Sons was never about tries. I will however vigorously pursue upholding their right to demand a
him, but rather to protect the rights of all options to protect our rights as a higher standard of corporate govern-
minority shareholders. He said that the minority shareholder, including that ance from controlling shareholders.
Shapoorji Pallonji Group has been with of resuming the 30-year history of a
the Tata group for the past decades and seat at the Board of Tata Sons and the LETTERS@TEHELKA.COM

43