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Cyrus Mistry counters Tatas claim on Welspun buy

Stepping up his attack on the Tata Group in general and Ratan Tata in particular, ousted chairman Cyrus Mistry yesterday denied the group’s claim that the board was not properly consulted on Tata Power’s purchase of Welpsun Power in June.
“It is surprising that Ratan Tata has sought to justify Monday’s conduct by making vague public statements that are contrary to his knowledge and the records of the Tata Group. Tata sources said the trustees of Tata Trusts were not kept informed about the transaction with Welspun Power,” Mistry said in a late night statement.
He said that all the board notes were shared with Tata in his capacity as the chairman emeritus of the group. Presenting his side, Mistry said in early 2016, Tata Power had made a presentation to Tata Sons that a significant focus area would be the renewables sector. And this was appreciated by the Tata Sons board.
“On May 31, 2016, a note was circulated to the board of Tata Sons and to Tata providing information about the proposed Welspun transaction, and asking them if they needed any further information. The only board member to reply was Vijay Singh, a nominee director of Tata Trusts, who appreciated the plan. And with no other view having been expressed, Tata Power executed the agreement on June 12, 2016,” Mistry said.

mid-day.com

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