Ratan Tata, Honorary Chairman of Tata Sons, has challenged the National Company Law Appellate Tribunal (NCLAT) decision on Cyrus Mistry in the Supreme Court. He appealed to Mistry to cancel the NCLAT's decision to reinstate the Tata Sons' chairman, saying the tribunal's decision was wrong, irrational and detached from the case. In its petition, Tata said that Mistry's decisions tarnished Tata Sons and they had completely lost the trust of the company's board of directors. In the same case, on Thursday, Tata Sons also filed a petition in the Supreme Court, seeking to quash the NCLAT's decision. In its petition, Tata openly defended Tata Sons, raising serious questions over the leadership of Mistry. In the petition, Ratan Tata said that Mistry had taken over the powers of the members of the board of directors of Tata Sons and was tarnishing the image of the 'Tata brand'.
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Even after becoming the chairman of Tata Sons, Mistry did not seem willing to distance himself from his family business, although with his selection it was a mandatory condition that he would have to break away from the family business. Ratan Tata said that Mistry had taken all the powers in his hands. This led to members of the board of directors feeling isolated in the affairs of the Tata group companies where the company had invested large amounts of capital. Ratan Tata cited the failed joint business of the Tata group with Japan-based company Docomo, saying that the way Mistry handled the matter has brought the Tata Group's reputation to prominence. Describing the decision as erroneous, the authority said that Tata Sons, while passing the judgment, considered the company run by two groups.
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Mistry was chosen as the executive chairman of Tata Sons in a completely professional manner, not being a representative of the Shapoorji Pallonji Group, a company with an 18.4 percent stake in Tata Sons. He said in the petition that the NCLAT wrongly held that someone from Shapoorji Pallonji Group becomes a director of Tata Sons under a statutory right. This is wrong and contrary to the constitution of Tata Sons. The constitution of Tata Sons is binding on all shareholders, including Shapoorji Pallonji Group. Ratan Tata said that the NCLAT decision referred to 550 emails between him and Mistry. The emails are between the honorary chairman and the then chairman Cyrus Mistry, not the individuals in court. It is very unfortunate and disappointing that NCLAT made unfavorable comments against him without proof, even though he has put more than half his age to put Tata Sons and Tata Group companies in the category of global companies.
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