New Delhi: The government has asked financial institutions including LIC and banks to keep a watch on developments in Tata group to safeguard the interest of investors.
The government feels that since LIC as well as banks have invested depositors’ money in various companies under Tata Sons, it is their duty to see that public money is not put at risk.
Sources said that safeguarding depositors’ interest is paramount and as investors, banks and financial institutions are keeping a close watch on various developments taking place post the ouster of Cyrus Mistry as chairman of Tata Sons.
Even though there is no doubt that Tata Group is one of the largest and reputed industrial houses in the country, Standard Operating Procedure (SOP) has to be followed in all the cases, said sources.
Sources in the government feel that this boardroom battle in the Tata group may be heading for a prolonged legal war so it is important to keep an eye on the developments.
