Mistry was ousted from his post in 2016 when a board of Tata Group's holding company, Tata Sons, voted to remove him as the chairperson and named Ratan Tata as interim chairman.
Industrialist Cyrus Mistry who was restored as the Executive Chairperson of the Tata Sons by the National Company Law Appellate Tribunal (NCLAT) on Wednesday said the judgment is "not a personal victory" but a "victory for the principles of good governance".
He was restored to the position by NCLAT, three years after he was sacked at a board meeting.
The order, which also declared the appointment of a new chairman as illegal, will take effect after four weeks.
Tata Sons has the option to challenge the ruling in the Supreme Court.
In a statement issued after the NCLAT verdict, Mistry said, "Today's judgment is not a personal victory for me, but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of."
"The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons," he said.
My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth, the statement added.
Mistry, who was only the second non-Tata chairman of the company, further said, "For the Tata Group to prosper as an institution, it is important that the management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group."
"I believe it is now time that all of us work together for sustainable growth and development of the Tata Group, an institution that we all cherish," he said.
Mistry was chosen by a selection panel to head the Tata Group after Ratan Tata had announced his retirement in 2012. However, he was ousted from his post four years later, when in 2016 a board of Tata Group's holding company, Tata Sons, voted to remove Mistry as the chairperson and named Ratan Tata as interim chairman. Natarajan Chandrasekaran was later named the new chair.
A two-judge panel of NCLAT termed Ratan Tata’s actions against Mistry as oppressive and declared the appointment of a new chairman as illegal.
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