Now Tata Sons slaps legal notice on Cyrus Mistry
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.
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.