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Home » Companies News

Now Tata Sons slaps legal notice on Cyrus Mistry

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Now Tata Sons slaps legal notice on Cyrus Mistry
Photo of Tata Group's Interim Chairman, Ratan Tata. Image Source: Reuters
Written By: ZeeBiz WebTeam
Updated: Tue, Dec 27, 2016
03:58 pm
Mumbai, ZeeBiz WebDesk
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Tata Sons, holding company of the Tata Group on Tuesday sent ousted chairman Cyrus Mistry a legal notice for alleged breach of confidentiality by making public sensitive and confidential documents.

On his unceremonious ouster on October 24, Mistry had published a series of letters defaming interim chief Ratan Tata and claiming that no legitimate reason was provided for his ouster.

The former chairman spoke of questionable investments by the company like the investment in Piaggio Aero, which he labelled as ‘distressing’ due to the losses incurred by Tata Sons and others imminent costs borne by the group.

“One investment in Piaggio Aero, a company in the aerospace sector with a friend of Mr. Tata, was especially distressing. Tata Sons decided to exit the company at a commercial loss of Rs 1,150 crore,” Mistry said.

Mistry also pointed out that other impairments and costs borne by the company related to PR services, which were officially paid for by Tata Sons and was used for Tata Trusts.

Earlier in December, Mistry had filed a case against Tata Trusts in the National Company Law Tribunal, a day after quitting from the boards of all Tata companies. 

The case was filed under sections 241 and 242 of the Companies Act. 

 

TAGS:
Cyrus MistryTata SonsTata Grouplegal noticeconfidential documentsRatan Tata
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Bombay HC quashes prosecution order against ex-managing trustee of Tata Trusts in defamation case Bombay HC quashes prosecution order against ex-managing trustee of Tata Trusts in defamation case
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Cyrus Mistry vs Tata group: An RTI reply sheds light on this surprising tun of events Cyrus Mistry vs Tata group: An RTI reply sheds light on this surprising tun of events
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