Companies

My conscience is clear: Mistry on SC ruling in Tatas case

Our Bureau Mumbai | Updated on March 30, 2021

‘Hope that the issues I have raised will cause deeper reflection’'

Tata Sons ousted Chairman Cyrus Mistry said that as a minority shareholder of Tata Sons, he disappointed by the outcome of the Supreme Court judgement, even as his conscience is clear.

“Every member of the society looks to institutions such as courts to validate and endorse the appropriateness of his or her actions and beliefs. As a minority shareholder of Tata Sons, I am personally disappointed by the outcome of our case. Although I will no longer be able to directly influence the direction of governance of the Tata group, I hope that the issues I have raised will cause deeper reflection and influence individuals concerned to catalyse change,” Mistry said in a statement.

 

“I sleep with a clear conscience,” he said, adding, this was another step in the evolution of his life. “We will celebrate the good times and take the knocks on our chins,” it added.

“In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences.”

Stating his performance was reviewed by nearly 50 independent directors across multiple Tata group company boards he served, Mistry said the performance metric spoke for itself.

 

“I am humbled by the continued support I have received from my former colleagues and other board members. All the successes we achieved, was built on the efforts of a very talented team, including my executive management team (The GEC), the managers and staff of Tata Sons, as well as the management teams in the Tata operating companies supported by their respective board members,” he added.

“Over the last four years, I have had the opportunity to reflect on my actions and on whether I could have handled the generational change in leadership better. In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences.”

Being a bit philosophical, Mistry added that “Life is not always fair, but we are still the lucky ones – I am lucky to have the unwavering support of my family, friends, colleagues - past & present”.

Mistry stated that his aim at Tata, an iconic institution undergoing a generational change in leadership, was to ensure a robust board-driven system of decision making and governance larger than any one individual.

A key focus was to enable the directors on various boards to discharge their fiduciary duties without fear or favour while still ensuring that shareholders views were reflected in strategy and actions. It continues to be my belief that it is by such a model that one would protect value for all stakeholders in Tata Sons and its various Group companies, he added.

Published on March 30, 2021

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