Tata decides to contest allegations made by Mistry
Mumbai [India], Dec. 20 (ANI): Describing Cyrus. P. Mistry's plea challenging his ouster from Tata Sons as an 'unfortunate outcome arising from complete disregard of the ethos of the Tata Group and Jamsetji Tata', the Tata Sons Ltd. on Tuesday decided to contest the allegations made by the former.
"This afternoon Tata Sons Limited was served with a Petition under Sections 241 and 242 of the Companies Act before the National Company Law Tribunal. We understand that the Petition has been filed by investment companies of Mr. Cyrus Mistry. Tata Sons is in consultation with its lawyers and will contest the allegations therein," the official release said.
"Tata Sons reiterates 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 Mistry's complete disregard of the ethos of the Tata Group and Jamsetji Tata. Despite, 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," it added.
The Indian conglomerate said Mistry's removal as Chairman from the Board of Tata Sons Ltd was approved by an overwhelming majority of the directors and it was unfortunate on part of Mistry that he was not been able to graciously accept the decision of the very same board that appointed him. (ANI)