1. Corus acquisitions did not work well for Tata Sons: Cyrus Mistry

Corus acquisitions did not work well for Tata Sons: Cyrus Mistry

The ex-chairman of the Tata Group Cyrus Mistry through his counsel has today said that he would like to seek some relief from the National Company Law Tribunal (NCLT)

By: | New Delhi | Updated: December 22, 2016 1:04 PM
Any mismanagement in a company like Tata Sons affects its shareholders as well, he says. (Reuters) Any mismanagement in a company like Tata Sons affects its shareholders as well, he says. (Reuters)

The ex-chairman of the Tata Group Cyrus Mistry through his counsel has today said that he would like to seek some relief from the National Company Law Tribunal (NCLT), the CNBC-TV 18 has said. He also added that any mismanagement in a company like Tata Sons affects its shareholders as well, which includes Shapoorji Pallonji, whose intrests are also getting affected.

Cyrus Mistry’s counsel furher said that the Corus Acquisition by the Tata group did not work well for it and the Nano project suffered a loss of Rs 1,000 crore.
In a major development, the Tata Steel members voted in favour of a resolution to remove Nusli Wadia from the office of the director of the company, with immediate effect. It was passed in Mumbai in the Extraordinary General Meeting (EGM) held yesterday.

Nusli Wadia had stayed away from the EGM of Tata Steel yesterday. In a statement, read out at the meeting, Wadia accused Tata Sons of stage-managing the EGMs by restricting the entry of dissenters and allowing only few persons to speak. As such, he he did not want to be present at the meeting.

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While the EGM was called to vote on removing Cyrus Mistry as director, it was not necessary as Mistry resigned from the board on earlier this week. He was removed as chairman of Tata Sons on October 24 after which there have been exchanges of accusations between Tata Sons and Mistry.

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