Mistry counters Tatas claim on Welspun buy

\ Mumbai, Oct 28 (PTI) Stepping up his attack on the Tata\Group in general and Ratan Tata in particular, ousted chairman\Cyrus Mistry today denied groupÂ’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 contrary to the records of the\Tata Group. Tata sources said the trustees of Tata Trusts wereot 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 of the facts, Mistry said in the\early part of 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, aominee director of Tata Trusts on the Tata Sons board, who\appreciated the plan. And with no other view having been\expressed, Tata Power executed the agreement on June 12,\2016,\\" Mistry said. (MORE) PTI BEN\MR\


Please enter your comment!
Please enter your name here