BJP MP Subramanian Swamy on Friday joined the Tata Sons and Cyrus Mistry battle when he wrote a letter to Prime Minister Narendra Modi asking for a Special Investigative Team (SIT) for probing the allegations made by the former Chairman against Ratan Tata.
BJP MP Subramanian Swamy on Friday joined the Tata Sons and Cyrus Mistry battle when he wrote a letter to Prime Minister Narendra Modi asking for a Special Investigative Team (SIT) for probing the allegations made by the former Chairman against Ratan Tata. According to the letter, as shown by India Today, Swamy seems to be of the opinion that Ratan Tata should be taken to court over the numerous allegations made by Tata Sons former Chairman Cyrus Mistry. Mistry had earlier made these allegations after he was sacked dramatically from the post of the Chairman and was replaced by Ratan Tata on Monday.
Tata Sons had later released a statement calling Mistry’s leaking of conversation between the board members of Tata as undignified. The statement also said that Mistry had made these “malicious” allegations and “unsubstantiated” claims against the company as his sacking was a highly bitter and created a public row. The statement also read that Mistry had overwhelmingly lost the confidence of all the members of the Board of Directors for a combination of several factors. It also justified the removal of Mistry and said that the board of Tata Sons, unanimously under its collective wisdom decided to replace its Chairman in the manner that he was.
Mistry had written a 5-page letter accusing the company of failure in governing. He had also accused the company of losing millions of dollars in shareholder value. He accused the board of conducting business illegally and with invalidity. Earlier on Monday, Tata Sons Board had appointed Ratan Tata as the interim Chairman of the group. The Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.