Soon after Tata Sons Chairman Cyrus Mistry’s removal on Monday, the attention was directed to the link of his interview that had been moved or removed from the company’s website. A day after Mistry’s scathing remarks on the group’s precarious finances and the potential debt write-down of USD 18 billion, Tata Steel has spoken about following all the guidelines in the concerned matter, and has ‘nothing further to comment.’
“The financial statements of the company are prepared as a going concern basis and present a true and fair view of the state of the affairs of the company,” Tata Steel said in a letter to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday.
Both the exchanges had asked the company to clarify on Mistry’s remarks in a letter to the Tata Sons board. The Indian conglomerate in its statement said that it has tested for impairments as per the ‘Accounting Standards.’
“The financial statements are considered by our Audit Committee and the Board of Directors of the company,” it added.