Tata Steel says ‘No comment’ to Cyrus Mistry's $18 billion write-down letter

Responding to the scathing letter written by ex-Chairman Cyrus Mistry, Tata Steel on Thursday said that the company has followed all the guidelines and has 'nothing further to comment.’ 

The company, responding to a Bloomberg report that quoted Mistry's letter, said, "The financial statements are considered by our Audit Committee and the Board of Directors of the Company.

...Accordingly, the Company has currently nothing further to comment or disclose with respect to matters appearing in the Bloomberg news reports.” 

The company said that its financial statements were tested for impairments as per the ‘Accounting Standards.’ 

The company was labelled as ‘debt laden’ in Mistry’s letter to Tata Sons' board dated October 26.