ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Companies News

Mistry is violating his self-propounded rules, not us, says Tata Sons

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Mistry is violating his self-propounded rules, not us, says Tata Sons
Tata Sons said that the group’s guidelines that Mistry is referring to prescribes that he steps down from other boards himself. Interim chief, Ratan Tata. Image Source: Reuters

In yet another move to exile the already ousted Cyrus Mistry, Tata Sons pointed out on Tuesday night that Mistry is violating the guidelines that at one time he had advocated for.

“It is he who is violating the Guidelines that he himself propounded, and not Tata,” Tata Group spokesperson said.

Reiterating that Mistry was taken off the Board of the group, Tata Sons said that the group’s guidelines that he is referring to prescribes that Mistry steps down from other boards himself.

“The same Corporate Governance Guidelines, Mr. Mistry's office is referring to, prescribes that a Tata employee must step down from the Boards of Tata companies, after he ceases to be a Tata employee. After being replaced as Chairman of Tata Sons, Mr. Mistry ceases to be a Tata employee,” the Group’s spokesperson said.

The above statement was made in retaliation to a statement from Mistry’s office which read, “They have also exposed the Tata Group to perilous violation of regulatory requirements, seeking to procure unpublished price sensitive information from listed Tata Group companies, breaking down governance. This has the potential to hurt Shareholders values and it's a sorry allegation to attempt to throw back.”

Earlier on in the day, Tata Power had issued a statement to its shareholders urging them to vote out Mistry for failure to do so would put the company in a tight spot and it may have to lose the ‘Tata’ brand and all the privileges that it holds.

Also Read: Tata Power to shareholders: Brand 'Tata' more important than Mistry

“Any value to our Company in being associated with the ‘Tata’ brand may consequently be lost. Loss of this brand value could cause diversion of management time into rebuilding and restoring its reputation which could have a material adverse effect on Tata Power’s business, financial condition, results of operations and prospects,” Tata Power said.

Tata Sons had also issued a statement speaking up for the abuse of control by trustees of Tata Trusts, which without naming any names boils down to Cyrus Mistry.

Mistry’s office rebutted saying, “Far from Mistry taking over control over all Tata Group activity, it is a matter of record that the governance guidelines developed under him in consultation with the board of directors of Tata Sons, and CEOs and independent directors of various Tata Group operating companies, subjected Mistry himself to an unprecedented scrutiny of nearly 50 individuals who appraised his corporate performance.” 

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Tata SonsTata GroupCyrus MistryTata vs MistryCyrus Mistry FiredTata Powershareholders
Written By: ZeeBiz WebTeam
Updated: Wed, Dec 07, 2016
10:07 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Ratan Tata Net Worth: Why Emeritus Chairman of Tata Sons is not among world’s richest persons? Happy Birthday Ratan Tata Ratan Tata Net Worth: Why Emeritus Chairman of Tata Sons is not among world’s richest persons? Happy Birthday Ratan Tata
Singapore Airlines, Tata Sons agree to merge Air India and Vistara Singapore Airlines, Tata Sons agree to merge Air India and Vistara
Cyrus Mistry cremated in Mumbai; Ratan Tata's stepmother attends funeral Cyrus Mistry cremated in Mumbai; Ratan Tata's stepmother attends funeral
Cyrus Mistry Death: This could have saved former Tata Sons chairman in car accident Cyrus Mistry Death: This could have saved former Tata Sons chairman in car accident
Cyrus Mistry death news: Who were other passengers in ill-fated car? Cyrus Mistry death news: Who were other passengers in ill-fated car?

LATEST NEWS

Mahila Samman Saving Certificate: New small savings scheme for women announced in Budget 2023 | Check Where and How to Open Account, eligibility, interest rate, maturity, Tax benefits - All you need to know

Anil Singhvi strategy for February 3: Key market triggers, important levels to track in Nifty50, Nifty Bank

Delhi temperature, weather forecast today: Met department predicts clear sky in national capital; air quality moderate

Amul milk price hiked by Rs 3 per litre from today: Check new rates

Traders' Diary: Buy, sell or hold strategy on ICICI Bank, TCS, Wipro, Birlasoft, IndusInd Bank, 15 other stocks today

Chinese spy balloon spotted over US airspace

Tata Power Q3 Results Preview: Net profit likely to more than double to Rs 877 crore

Recognised startups not to face impact of proposed changes in income tax laws: DPIIT secretary

Vivo X90, X90 Pro Launch today: Check specifications, features, camera and other details

Mumbai-Solapur, Mumbai-Shirdi Vande Bharat Express: Trains to reach Mumbai this week ahead of inauguration on Feb 10 - Check route and other details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV