Commercial ambition sole motive of Mistry, Tata tells Supreme Court
Making an emotional appeal to the Supreme Court to reject Cyrus Mistry’s petition, the patriarch of the Tata group, Ratan Tata, said commercial ambitions of the former Tata Sons chairman were behind the dispute. Tata said it was about Mistry’s removal as a director from the Tata Sons board, and not the rights of minority shareholders.
Mistry had replaced Tata, who retired in 2012 after heading the group for 20 years. However, he was removed four years later by the Tata Sons board on grounds of non-performance.
“At this stage of my life and career, I would not like to either explain or defend my performance as chairman of Tata Sons and of the other Tata companies whose board I chaired during my tenure. It is for the companies and their stakeholders to judge,” Tata said. “However, one thing I would like to clarify and reiterate is that throughout the past several decades that I have served the Tata group in various capacities, I have been solely guided by the interest of this group and its enduring legacy, which cannot be judged in numbers alone and goes beyond return on investment and costs of capital.”
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