I Will Not Be Pursuing Chairmanship of Tata Sons: Cyrus Mistry

Despite the NCLAT being in his favour, Mistry has said he will not be pursuing the chairmanship of Tata Sons or TCS.

Cyrus Mistry (L) and Ratan Tata.

(Photo: BloombergQuint)

Cyrus Mistry on Sunday, 5 January, 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 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.

“I am humbled by the NCLAT order, which after review of the enormous material on record, recognised the illegal manner in which I was removed and the oppressive and prejudicial conduct of Mr Tata and other Trustees.”

Cyrus Mistry

"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.

Mistry, a scion of wealthy Shapoorji Pallonji family, was in a coup removed as chairperson of Tata Sons in October 2016. He was the sixth chairperson of Tata Sons and had taken over in 2012 after Ratan Tata. He was later also removed as director on board of Tata Sons.

Mistry and Tata family patriarch Ratan Tata had reportedly fell out over key investment decisions, including manufacturing of world's cheapest car Nano.