Verdict strips groups’ corporate structure: Ratan Tata to Supreme Court

New Delhi: A day after Tata Sons moved the Supreme Court challenging the NCLAT’s judgment reinstating Cyrus Mistry as the group’s Chairman, Ratan Tata, the Chairman Emeritus filed a petition in his personal capacity claiming that the appellate tribunal’s verdict was “erroneous” and it “pulled down” the governance and corporate structure of the group.

“The appellate tribunal, by means of the impugned judgment, has not only sought to provide a cachet on the unsubstantiated and baseless allegations leveled by respondent nos. 1 and 2 (Mistry and others) qua the appellant but has also pulled down the governance and corporate structure of Tata Sons which was painstakingly put together by its founders,” the former Tata Sons chief told the Supreme Court.

Tata’s petition also said that the National Company Law Appellate Tribunal (NCLAT) passed adverse remarks against him without providing proper evidence.

The NCLAT judgment of December 18, asked Ratan Tata not to take any decision in advance, which required the concurrence of a majority of the board of directors. “Ratan N. Tata (2nd respondent) and the nominee of the ‘Tata Trusts’ shall desist from taking any decision in advance, which requires majority decision of the board of directors or in the annual general meeting,” the order read.

“It is very unfortunate and distressing that Impugned Judgment without providing any proper evidence has passed adverse remarks against the appellant who has spent more than half of his life in building the name of the Tata Sons and other Tata operating companies to one of the top global companies,” Tata said.

He said that the findings of NCLAT are wrong, erroneous and contrary to the record of the case and require consideration by the Supreme Court. On the replacement of Cyrus Mistry as the Chairman of Tata Sons, he said that the relationship between Mistry and Tata Trusts had become discordant and it was felt by Tata Trusts that he could not provide robust leadership to Tata Sons in future. (IANS)

Also Read: Cyrus Mistry back as Tata Sons chief, Ratan Tata asked to stay away

Also Watch: State Cabinet Minister Himanta Biswa Sarma addresses public meeting at Gogamukh, Lakhimpur