Mistry says no to chairmanship of Tata Sons, wants a board seat at holding firm

Ahead of the Supreme Court hearing on Tatas' plea challenging his reinstallation as the Tata Group chief, Cyrus Mistry on Sunday ruled out pursuing chairmanship of Tata Sons or any other executive positions at group entities but asserted that he is interested in a board seat at the holding company.

After the National Company Law Appellate Tribunal (NCLAT) reinstated Mistry as the executive chairman in a surprise ruling on December 18, 2019, terming the action as illegal and also invalidating the conversion of Tata Sons into a private entity, Tata Sons as a group, Tata Trusts, TCS and also the group patriarch Ratan Tata have challenged the order in the Supreme Court since then.

The apex court, which has been on vacation, is likely to take up the petition on Monday.

Mistry was removed from the boards of TCS, Tata Teleservices and Tata Industries while he resigned as chairman and director from Tata Motors, Tata Steel and Indian Hotels Company Ltd (IHCL) shortly after he was sacked from the group.

Ruling out taking up any position at the group or any group entities, Mistry in a late Sunday evening public statement said that he is "walking the talk" to uphold corporate governance, and this is not a quest for position or power and he "will not be pursuing the executive chairmanship of Tata Sons, or directorship of TCS, Tata Teleservices or Tata Industries".

However, he was quick to add that he will "vigorously pursue all options to protect rights as a minority shareholder, including that of resuming the 30-year history of a seat at the board of Tata Sons and the incorporation of the highest standards of corporate governance and transparency at Tata Sons".

Mistry, who was in a boardroom coup on October 24, 2016 sackedas the chairman of Tata Sons barely two years into the five-year job, further said, "This statement is being made in the interests of the Tata Group, whose interests are far more important then the interests of any individual."
"As an 18.37 per cent shareholder, it is in our own interest to ensure the group's long-term success. My family, although a minority partner, has been a guardian of the Tata Group for over five decades."