‘Mistry’s fight not about governance’

Mistry is fighting a court battle against Tata Sons over his ouster from the Tata group, and is seeking proportional board representation as the largest shareholder in Tata Sons.
Tata Sons chairman emeritus Ratan Tata.
Tata Sons chairman emeritus Ratan Tata.
Published on Jul 11, 2020 04:52 AM IST
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Hindustan Times, Mumbai | ByJayshree P Upadhyay, Mumbai

Ratan Tata, chairman emeritus of Tata Sons has accused his former protege and erstwhile Tata group chairman Cyrus Mistry of misleading the Supreme court in the ongoing legal tussle between the two sides.

He alleged that Mistry’s inherent aim is to vie for control of Tata Sons Ltd, the group’s holding company, instead of the larger issues of corporate governance as being projected by Mistry.

In an affidavit filed before the Supreme Court on July 8, which was reviewed by Mint, the 82-year-old Tata maintained that the demand for directorship on board of Tata Sons by Mistry firms “is a calculated strategy orchestrated by Cyrus Mistry”.

Mistry is fighting a court battle against Tata Sons over his ouster from the Tata group, and is seeking proportional board representation as the largest shareholder in Tata Sons.

“If Cyrus Mistry had any genuine issues of concerns, which needed to be disclosed to any shareholder or relevant regulatory body, then it was his fiduciary duty to disclose at the relevant time. Raising these issues only after he was replaced from the position of chairmanship was solely an act of petty sensationalism,” said Tata in the affidavit filed before the apex court.

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Wednesday, January 26, 2022