Tata Group's former chairman Cyrus Mistry’s Office on Friday evening reacted strongly to the reports that he did not seek nod from board of directors for the Welspun deal.
Tata Group’s former chairman Cyrus Mistry’s Office on Friday evening reacted strongly to the reports that he did not seek nod from board of directors for the Welspun deal. In a statement it said that Cyrus Mistry had taken the nod from the board during the June 30 meeting. It added that the there were series of discussions in the presence of Ratan Tata after the Welspun deal.
His office further said that with no other view from Tata Sons Board, Tata Power executed Welspun Deal In June. When Ratan Tata and other members of the board were asked whether they need more information on the deal, only Trusts Nominee Vijay Singh had responded.
The reaction came following reports in CNBC TV 18 that Cyrus Mistry had failed to keep Tata Sons’ board informed about Tata Power’s take over of Welspun Renewables Energy last month.
Rata Tata, who is back as group’s chairman ,had raised concerns in September over the non-communication of the Rs 9,300-crore acquisition of Welspun Renewables Energy, the CNBC-TV18 has quoted sources privy to the development has said. They also added that members of Tata Sons board first heard of the acquisition through reports in the media.
In a sudden step, he was sacked on Monday as the chairman of Conglomerate, after which he had mailed a letter to the directors, which he said he was “shocked beyond words” at suddent removal and also that he was made “lame duck” director.
Among his other charges he also said that production of Tata Nano was only going on because of emotional reason even though it had become loss making entity. The Tata group in its reply said that it was beneath the dignity of the company to engage in a public spat with regard to the several allegations by the former chairman.