The court docket pronounced its judgment on the cross appeals filed by Tata Sons and Cyrus Investments towards the Nationwide Firm Regulation Appellate Tribunal (NCLAT) order which had restored Mistry as the manager chairman of the over $100 billion group.
The court docket additionally refused to entertain Shapoorji Pallonji (SP) group’s plea for truthful compensation of their fairness shares in Tata Sons.
It stated that the worth of SP group shares will rely upon valuation of Tata Sons’ equities and that the SC wouldn’t get into figuring out what must be a good worth.
A bench headed by Chief Justice S A Bobde pronounced the decision. The bench, additionally comprising justices A S Bopanna and V Ramasubramanian, had on December 17 final yr reserved the decision within the matter.
What Ratan Tata stated after Supreme Courtroom verdict
After the decision, the 83-year-old Tata Group patriarch took to Twitter and wrote: “I recognize and am grateful for the judgement handed by the honourable Supreme Courtroom at the moment. It isn’t a difficulty of successful or dropping. After relentless assaults on my integrity and the moral conduct of the group, the judgement upholding all of the appeals of Tata Sons is a validation of the values and ethics which have at all times been the guiding ideas of the group. It reinforces the equity and justice displayed by our judiciary.”
— Ratan N. Tata (@RNTata2000) 1616742606000
SP Group had informed the highest court docket on December 17 that removing of Mistry because the chairman of Tata Sons in a board assembly held in October 2016 was akin to a “blood sport” and “ambush” and was in full violation of ideas of company governance and pervasive violation of Articles of Affiliation within the course of.
Tata Group, on different hand, had opposed the allegations and stated there was no wrongdoing and the board was properly inside its proper to take away Mistry because the chairman.
The apex court docket had on January 10 final yr granted reduction to Tata Group by staying the NCLAT order of December 18, 2019 by which Mistry was restored as the manager chairman.
Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 however was ousted 4 years later in 2016.
(With inputs from PTI)
Watch SC upholds Tata Sons’ resolution to sack Cyrus Mistry as chairman