Tata Sons say NCLAT order goes beyond 'reliefs sought', Cyrus Mystry says 'victory of principles'
Tata Sons on Wednesday said it will take appropriate legal recourse against the NCLAT judgement to reinstate ousted Chairman Cyrus Mistry, while stating it was not clear how the order sought to over-rule decisions taken by its shareholders and those of listed group firms at 'validly constituted shareholder meetings'. Reacting to the order of the National Company Law Appellate Tribunal (NCLAT), Tata Sons said the "order appears to even go beyond the specific reliefs sought by the appellant (Mistry)".
The holding company of the Tata group firms further said, "It is not clear as to how the NCLAT order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings." Tata Sons strongly believe in the strength of its case and will take appropriate legal recourse, it said in a statement.
The company assured its "various stakeholders that it not only has always operated in a fair and equitable manner but also acted in accordance with the law and will continue to do so".
Cyrus Mistry, however, welcomed the judgment hailing it as "victory of principles". "Today’s judgment isn't a personal victory for me but is a victory for the principles of good governance&minority shareholder rights. The outcome of the appeal is a vindication of my stand," Cyrus Mistry said in a statement.
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