Govt keeping close watch, says minister

Gandhinagar, October 28

The government is keeping a “close watch” on the developments relating to Tata-Mistry case, but does not want to “interfere” at present as it was an “internal matter” of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal said today.

Meghwal, who is also a Minister of State for Finance, said the government has not received any representation from regulatory authorities like SEBI about this issue and would “take note” as and when SEBI asks it to look into the matter in future.

Tata Sons, the main holding company of over $100-billion conglomerate, earlier this week ousted Cyrus Mistry from the position of Chairman, while recalling his predecessor Ratan Tata as an interim Chairman.

This was followed by Mistry unleashing a scathing attack on the group and Ratan Tata through a letter written to the board of Tata Sons, which hit back a day later and refuted all the allegations. Tatas have also filed caveats in the Supreme Court, Bombay High Court and the National Company Law Tribunal to prevent any orders being passed without they being heard on any petition by Mistry.

Speaking to reporters here at a function in GIFT City today, Meghwal said, “This is an internal matter of Tata Sons.

The issue has also reached the court. Since Tata is a major group, we are keeping a close watch on the developments. PTI