Mumbai: Cyrus Mistry, the former head of Tata Sons Ltd will not pursue chairmanship of the India’s biggest conglomerate or directorship at the group companies even after winning a court case against his ouster, he said in a statement.
Mistry is not seeking to be a director on group companies such as Tata Consultancy Services Ltd, Tata Teleservices Ltd or Tata Industries Ltd, he said in an emailed statement on Sunday. Mistry, whose family owns about 18 per cent of Tata Sons, will instead seek more rights for minority shareholders in the group, he said.
“I will however vigorously pursue all options to protect our rights as a minority shareholder, including that of resuming the thirty-year history of a seat at the board of Tata Sons,” Mistry said in the statement.
Last month an Indian court ruled Mistry was improperly ousted from the Tata Group by Ratan Tata, chairman emeritus of the conglomerate, whose actions, the court said, were “oppressive.” It restrained Tata and his representatives from taking any decision that would require a majority decision by the board of Tata Sons.
Tata Sons is the holding company of the group that also owns the luxury Jaguar and Land Rover brands. Last week, Ratan Tata filed a petition in India’s Supreme Court seeking to quash the tribunal’s order to rehire Mistry.