Markets

Cyrus Mistry Forms Legal Team to Fight Tatas

Cyrus Mistry Forms Legal Team to Fight Tatas

The Trusts held preliminary talks with potential buyers of the about 18 percent Tata Sons stake as they prepare for a number of possible scenarios, Bloomberg report added.

In Mistry's letter, he had mentioned, "Tata Sons board and members and trustees are also aware that in the case of Air Asia, ethical concerns have raised with respect to certain transactions as well as the overall prevailing culture within the organization".

Mumbai: Cyrus Mistry, sacked as Chairman of Tata Sons, the holding company of the $103 billion group, continues to serve as chairman of several group companies even as he engages in a bitter public spat with the Tatas.

Senior BJP leader and Rajya Sabha member Subramanian Swamy on Friday wrote to Prime Minister Narendra Modi seeking a multi-agency probe against Tata Sons Interim Chairman Ratan Tata for alleged money laundering and cheating. "It is going to slow down decision-making so I think it would be proper for Mr Mistry to step down as chairman from these companies", he told NDTV.

Tata Power had announced the decision to acquire Welspun Renewables Energy in June and bought the company in September for Rs 9,300 crore.

Anyways, it remains to be seen whether the Shapoorji Pallonji group would want to sell their stake in the Tata Group, at all.

The team put together by Mr Tata will gather information from companies including Tata Teleservices, Tata Motors, Tata Power and AirAsia India, a venture between Tata Sons and low-priced airline AirAsia, sources said.

Coast Guard Searches For Missing Chinese Sailor
Guo Chuan was reported overdue while sailing his 97-foot super trimaran from San Francisco to Shanghai on Tuesday, officials said. The 50-year-old Guo was the first Chinese person to sail around the world in 2013, according to his website, guochaunracing.com.


Mistry's letter included allegations of corporate governance failures within Tata Sons, and a series of other barbs aimed at family patriarch Ratan Tata.

CEO at Jaguar Land Rover, Ralf Speth, is among those being considered to take up the role of chairman at Tata Group.

"This is not a group of people who one would expect to act without exercising proper judgement in the best interests of the entities they sit on the boards of", it said.

Two Tata group companies, Tata Steel Ltd and Indian Hotels Co on Thursday said their financial statements present a true and fair value of their respective companies, in response to stock exchange requests for clarification.

And this was appreciated by the Tata Sons board.

A finance ministry official said the government will not give any directions to its state-run financial institutions on the fracas and that they enjoy complete autonomy in deciding what to do.

The missive forced Tata Sons to rush to calm investors. Mistry's confidential email addressed to the board directors of Tata Sons was, however, leaked to the media on Tuesday itself.


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