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Tata Sons firmly believes in the strength of its case, and will pursue appropriate legal recourse, its Chairman N Chandrasekaran said in a mail to employees.
The mail, which urged employees to “stay focussed” on their businesses and the welfare of stakeholders, assured them that the group is on course to becoming stronger and more vibrant than it has ever been before. “We will continue to work towards deepening the legacy of this unique institution,” Chandrasekaran said in the mail.
Also Read: Cyrus Mistry unlikely to stake a claim to Tata Sons’ chairman’s post
The group’s efforts after Chandrasekaran took over were primarily focussed on restoring stability and moving decisively towards a healthier financial position, conducting businesses with the highest ethical standards and driving growth, among others, it added.
Earlier, Tata Sons’ Group General Counsel Shuva Mandal also said the group will take appropriate legal recourse.
“It is not clear as to how the National Company Law Appellate Tribunal (NCLAT) order seeks to overrule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the appellant,” he said.
On Wednesday, the NCLAT reinstated Cyrus Mistry as the executive chairman of Tata Sons, the holding company of the Tata Group. The move came three years after he was sacked from the post and subsequently replaced with Chandrasekaran.
Text of N Chandrasekaran’s mail
Dear Colleagues,
By now, you may have seen today’s NCLAT ruling which, apart from other things, raises issues on my appointment as Executive Chairman of Tata Sons. Tata Sons firmly believes in the strength of our case and will pursue the appropriate legal recourse.
During this period, I wanted to reach out to you personally. I was asked to take on the role and responsibilities of Executive Chairman in February 2017.
Since then, our efforts have been primarily focussed on: restoring stability and moving decisively towards a healthier financial position; conducting our businesses with the highest ethical standards, which the group has been known for for over 150 years; honouring our commitments to all stakeholders and resolving outstanding issues; driving growth and transforming our businesses for the future.
Going forward, I assure you that we have set ourselves on a course that will make the Tata Group stronger and more vibrant than it has ever been before. I urge all employees to stay focussed on their businesses and the welfare of our stakeholders. We will continue to work towards deepening the legacy of this unique institution.
With regards,
Chandra
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