Cyrus Mistry fires fresh salvo at Tata Sons

Ahead of the NCLT verdict on his petitions against the Tata Group later this week and the AGMs, ousted chairman Cyrus Mistry has fired a fresh salvo at the management. He has questioned the rationale behind free sale of the telecom arm to Airtel, massive debt-driven acquisitions by Tata Steel and its unequal tie-up with ThyssenKrupp, and a first-ever dip in TCS profit, among others. In a letter to the directors of Tata Sons, Cyrus Investments, the key investment vehicle of the Mistry family and the key petitioner in his legal feud, Mistry has sought accountability from the board of Tata Sons in which his family owns 18.34 per cent. PTI has seen the 8-page letter dated June 30 and addressed to the entire board of Tata Sons. The office of Mistry did not respond to the calls, while Tata Sons declined to comment. The Mumbai Bench of the NCLT will deliver its verdict on July 4 on the bitter legal feud that Mistry has been fighting ever since dismissal as the chairman of the Tats Sons on October 24, 2016. The key allegation by Mistry camp is that his removal as chairman and as a director of the board Tata Sons was a result of oppression by the promoters who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons. Stating that the board is accountable for governance and performance of the Tata Group as also to the minority shareholders, the letter states that despite staring at several burning issues, “Tata Sons is hiding behind the veneer of media management to present a rosy picture.”

PTI