Cyrus Mistry, in a statement titled "Grateful for the opportunity — My conscience is clear," stated that he hopes that issues raised, will cause deeper reflection, influence individuals concerned to catalyze change adding, "I sleep with a clear conscience."
Mistry said in the statement dated 30 March, 2021, “over the past four years, I've had the opportunity to reflect on my actions and on whether I could have handled the generational change in leadership better. In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences."
He said, although personally as a minority shareholder in the group, he is disappointed with the outcome of the case, he is grateful for the opportunity to sever the Tata Group as chairman. Thanking his team members “who all were bound together by the common value system embedded by the founders into the Tata Group," he said he will be eternally grateful for the fact that he got an opportunity to serve as the chairman of the iconic institution.
He said his effort from day one was to ensure that the group, that was undergoing a generational change in leadership, had “a robust board-driven system of decision making and governance that is larger than any one individual… to enable directors on various boards to discharge their fiduciary duties without fear or favour, while still ensuring that shareholder views are reflected in strategy and actions."
It continues to be my belief that it is by such a model, that one would protect value for all stakeholders in Tata Sons and its various group companies, he added. Admitting that he will no longer be able to influence the direction of governance of the group directly (having resigned from the board during the pendency of the case), I hope that the issues I have raised will cause deeper reflection and influence individuals concerned to catalyse change.
(With inputs from PTI)
