Tata Sons, the promoter Tata Group company, has slapped its ex-Chairman Cyrus Mistry with a legal notice on Tuesday.
Mistry has been served a legal notice for an alleged breach of confidentiality by making sensitive and confidential documents about the company public, PTI said in an alert.
Tata Sons ousted its chairman unceremoniously in a board meeting in late October, which sparked a battle that has since gone public and turned ugly. In a follow up to the move, Mistry was also voted out of Tata group company where he was on the board and/ or was the director.
In the interim, Ratan Tata has taken over as the chairman while the company looks for Mistry’s replacement.
The two parties have been levelling allegations against each other, making boardroom discussions or the proceedings of closed door meetings public.
Mistry, in the first of many open letters to the Tata Sons, Tata Trusts and the company’s shareholders, revealed how Tata allegedly still called the shots at Bombay House. He made public information about alleged money laundering at AirAsia, which has since triggered off investigations; the alleged reasons for the Group foraying into aviation; the Tata Nano project and how it wasn’t quashed even though it was making losses, and Tata Steel’s Corus buy which has drained the fortunes of the company. Mistry also alleged that Tata wanted the Group to sell off Tata Consultancy Services (TCS), the crown jewel of the company, a move that was thwarted by J R D Tata back then.
The Tatas have maintained since their initial statements that Mistry was removed for his non-performance and departing from the company’s culture and ethos. The two have been making allegations and counter-allegations since October 24.
Source: dnaindia.com