Tatas evaluating legal options against Cyrus Mistry: Full text of Tata Sons' statement

Tata Sons, promoter of the major operating Tata companies, on Wednesday said it is continuing to evaluate legal options against ousted chairman Cyrus Mistry for actions that have "consistently harmed the reputation of the Tata group".

It also refuted Mistry's allegations of wrongdoing in the affairs of Air Asia India by R Venkataramanan, a trustee of Tata Trusts.

Here is the full text of the company statement:

Cyrus Mistry, ousted chairman, Tata Sons. Reuters

Cyrus Mistry, ousted chairman, Tata Sons. Reuters

Tata Sons strongly rejects the statement from Cyrus P. Mistry which seeks to insinuate wrongdoing in the affairs of Air Asia India by R. Venkataramanan. On the contrary, Air Asia India with the support of Tata Sons, has taken definitive steps both in civil and criminal courts which have cleared the air in relation to the mischievous allegations made by SP Group companies in the NCLT proceedings.

Contrary to any allegations, Tata Sons denies any conduct which could be said to be oppressive or resulting in mismanagement. Tata Sons is of the view that the frivolous allegations levied by Cyrus P. Mistry and the SP Group are value destructive.

It is ironical that Cyrus P. Mistry continues to make statements that his actions are in the interest of the Tata group. On the contrary, his actions thus far have consistently harmed the reputation of the Tata group.

Tata Sons continues to evaluate its legal options in this regard. Tata Sons has the highest respect for the judiciary and has never resorted to “muzzle and interfere with legal proceedings”, as alleged by Cyrus P. Mistry.

Updated Date: Jul 06, 2017 07:27 AM

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