Validation of guiding principles: Ratan Tata responds to SC's Mistry verdict

Elated by the Supreme Court judgement in favour of Tata Sons in the Cyrus Mistry case, group chairman Ratan Tata on Friday welcomed the apex court order that set aside an NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate. "It is not an issue of winning or losing. After relentless attacks on my integrity and the ethical conduct of the group, the judgement upholding all the appeals of Tata Sons is a validation of the values and ethics that have always been the guiding principles of the group. It reinforces the fairness and justice displayed by our judiciary," Tata posted in a statement on Twitter. 

In its judgement earlier in the day, the court said, "All the questions of law are liable to be answered in favour of the appellants Tata Group and the appeals filed by the Tata Group are liable to be allowed and those by Shapoorji Pallonji Group are liable to be dismissed."

On December 17 last year, Shapoorji Pallonji (SP) Group had told the top court that removal of Mistry as the chairman of Tata Sons in a board meeting held in October 2016 was akin to a blood sport and ambush and was in complete violation of principles of corporate governance and pervasive violation of Articles of Association in the process.

The Tata Group had vehemently opposed the allegations and said there was no wrongdoing and the board was well within its right to remove Mistry as the chairman.

The apex court had on January 10 last year granted relief to the Tata group by staying the NCLAT order by which Mistry was restored as the executive chairman of the conglomerate.

Mistry had succeeded Ratan Tata as chairman of the Tata Sons in 2012 but was ousted four years later.