Ousted Tata Sons chairman Cyrus Mistry has asked the government to intervene in the running of Tata Trusts, which hold majority stake in the holding company of the Tata group.
Ahead of the extra-ordinary general meetings (EGMs) of Tata group firms, called to remove him as a director in those entities, Mr. Mistry also reached out to shareholders of six group companies to defend his position, spelling out why he should not be removed. Tata Sons, meanwhile, refuted Mr. Mistry’s allegations, stating that only “genuine selfless governance” had illuminated the path for the group in the past century.
Seeking government intervention for alleged absence of an appropriate governance structure and ethical behaviour of trustees at the $103 billion Tata group, Mr. Mistry said, “It would be an inherent obligation for the government to remedy and repair breakdown in the governance of such trusts.”
The government must ensure that “the working(s) of the Tata Trusts have a defined, transparent governance structure.”