Mumbai: The investment companies of ousted Tata Group chairman Cyrus Mistry on Tuesday filed a petition under Sections 241 and 242 of the Companies Act before the company Law Board’s National Company Law Tribunal alleging several counts of misgovernance in the Tata Group.
Mr Mistry had said in his resignation letter as director of several listed Tata companies, that he would take his fight to a larger forum. In a terse statement Tata Sons Limited on Tuesday said it is in consultation with its lawyers and will contest the allegations therein.
The group’s flagship company Tata Sons reiterated that it has followed the highest standards of corporate governance in its operations and views the petition “as an unfortunate outcome of the situation arising from Mr Mistry’s complete disregard of the ethos of the Tata Group and Jamsetji Tata.”
Mr Mistry has been saying his agenda is to bring back the value and ethos of the Tata Group. Tata Sons said, “Despite, Mr Mistry’s recent assertions that it is not a personal issue, it is evident that it always has been for him a personal issue which reflects his deep animosity towards Ratan N. Tata.”
The company said that Mr Mistry was the chairman of Tata Sons for almost 4 years and it is surprising that he is now making allegations on activities of Tata Sons after doing little to address them, during his tenure both as a director (since 2006) and a chairman since 2012.
