Ousted Tata Group Chairman Cyrus Mistry will continue his fight against Ratan Tata and the board of Tata Sons at the National Company Law Tribunal (NCLT), despite the appellate tribunal rejected his family firms’ appeal to stop Tata Sons shareholders’ meeting, which is scheduled for February 6, for removing him from its board. Mistry has started the legal battle for protecting his family’s business interest in Tata group— Shapoorji Pallonji Group holds 18.4 per cent stake in the holding company Tata Sons— rather than regaining the lost executive roles, said people in the know.
They said that his strong moves like Tata Steel UK sale, Nano scrapping plan and sale of loss making Hotels abroad would have shattered Ratan Tata and his men. “Mistry tried to streamline the businesses, exiting from weak assets, for the interest of shareholders. In addition, he raked up the corporate governance issues and fraudulent transactions. It eventually led to his ouster. Now he will fight it out legally,” a source said.