Ratan Tata strongly refutes Mistry group's claim of oppression in the Supreme Court

On Tuesday, Ratan Tata filed his reply in the Supreme Court, where the Tata Group has challenged the National Company Law Appellate Tribunal’s order.

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Criticizing the Mistry fraction for ridiculing certain endeavours during his tenure as decisions taken for ‘emotional’ reasons, Ratan Tata said that the foundation of the Tata Group is built on emotions and passion and not on short term profits and returns alone.
Mumbai: Responding to an affidavit filed by Cyrus Investments in the Supreme Court, Tata Trusts chairman Ratan Tata, contended that even when a shareholder's value increases by 2100 times and still they bemoan their situation as ‘oppressed’, is the 'unfathomable irony' of this entire case.

On Tuesday, Ratan Tata filed his reply in the Supreme Court, where the Tata Group has challenged the National Company Law Appellate Tribunal’s order and has argued that the appellate tribunal has even granted reliefs which were not even sought by the companies in the first place.

“...as compared to their total investment of Rs 69 crore from 1965 - by their own account was Rs 1 lakh crore at the time this case was filed before the NCLT (in December 2016),” said Ratan Tata in his response further adding that in the last three years, the value has further increased to Rs 1.5 lakh crore, citing from the cross-appeal filed recently as also their reply.


"Assuming, without admitting in any manner, these figure as true, in Mistry Family’s own assessment and the value of their shareholding in the Tata Sons has increased by 2100 times," said Tata in his affidavit in the Apex Court.

“There will be few parallels of this rise in shareholders value in any company,” said the former executive chairman of Tata Sons. “That, such a shareholder can still call itself ‘oppressed’ is the unfathomable irony of this entire case.”

Also, criticizing the Mistry fraction for ridiculing certain endeavours during his tenure as decisions taken for ‘emotional’ reasons, Ratan Tata said that the foundation of the Tata Group is built on emotions and passion and not on short term profits and returns alone.
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“If it were not for the JRD Tata’s passion for aviation, there would have been no Tata Airlines (that later became Air India),” said Ratan Tata further adding that, “...I have been inspired by the same passion and emotional attachment of my predecessors and to contribute to the entrepreneur journey of the Tata Group throughout my tenure.”
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