For the Tata group, the Supreme Court’s decision against the allegations made by Cyrus Mistry, could not have come at a better time. Under N Chandrasekaran, the group is on the cusp of unleashing its new digital platform and an adverse decision by the court would have jeopardised this plan.
“If SC had upheld Mistry's position, there would have been great uncertainty for the Tata group. This order brings closure for all of us,” says a senior executive close to the Tata group. Ratan Tata on Friday said the decision by the Supreme Court against claims made Cyrus Mistry is a validation of values and ethics of Tata group.
‘Not about winning, losing’
“I appreciate and am grateful for the judgment passed by the Supreme Court today. It is not an issue of winning or losing.
After relentless attacks on my integrity and the ethical conduct of the group, the judgment 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 said in a tweet.
Tata Sons also said the judgment allows Tatas to continue on a path aimed at building the business, keeping the long-term interest of shareholders and the community at large.
“This decision by the Supreme Court, hopefully, brings to an end this five-year long sordid saga that is sorely impacting one of India’s finest corporate entities. The protracted legal battle, bitter accusations and mudslinging have sullied the reputation of the group indelibly. The Supreme Court verdict effectively clears the Tatas against allegations of oppression and mismanagement vis-à-vis the ouster of Cyrus Mistry,” said Lloyd Mathias, Investor and Business Strategist.