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Tata Sons welcomes NCLT order

Press Trust of India  |  New Delhi 

today said the NCLT order dismissing pleas of vindicates that the group and its operating firms have "always acted in a fair manner and in the best interest of its stakeholders".

Law Tribunal (NCLT) today dismissed pleas of challenging his removal as in October 2016.

Welcoming the order, N Chandrasekaran hoped "that a finality will be given to the judgement of NCLT, by all concerned in the larger interest of companies, the shareholders and the public".

"The judgement has only re-affirmed and vindicated that Tata Sons and its operating companies have always acted in a fair manner and in the best interest of its stakeholders," he said in a statement.

The has always been committed and will continue to be committed to transparency and good corporate governance of global standards, he added.

NCLT in today's ruling said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.

In October 2016, was ousted as Tata Sons

Two months later, he and his family-run investment firm, Investments, approached the NCLT as minority shareholders against the corporate monolith and others, including Ratan Tata, alleging oppression and mismanagement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 13:45 IST