He is not interested in returning as head of Tata, says Cyrus Mistry
MUMBAI: Cyrus Mistry , who was readmitted as president of Tata Sons and director of TCS , Tata Teleservices and Tata Industries by the National Company Law Appellate Tribunal (NCLAT), said on Sunday he was not interested in returning to these positions. He, however, said he would seek a seat on the board of Tata Sons for improving transparency in the holding company of the Tata Group .
"To dispel the misinformation campaign... I intend to make it clear that despite the (December 18, 2019) NCLAT order, I will not be pursuing executive chairmanship of Tata Sons , or directorship of TCS , Tata Teleservices or Tata Industries," he said in a statement.He said he took the decision as the "interests of Tata Group are far more important than the interest of any individual".
The scion of the Shapoorji Pallonji (SP) family added that he would vigorously pursue all options to protect his family's rights as a minority shareholder, including that of resuming the 30-year history of a board position in Tata Sons and the incorporation of the highest standards of corporate governance and transparency at the company . The family, with an 18.4% stake in Tata Sons, has been a shareholder in the company since 1965 and was invited to its board in 1980.
Ratan Tata, chairman emeritus of Tata Sons, among others, last week moved the SC challenging the NCLAT order, stating that restoring Mistry to his original positions to complete his tenures would go against the interest of shareholders and create confusion in the working of the companies .
Ratan Tata Other appellants are likely to mention the matter before the CJI in the SC on Monday and look for an early list of their appeals.