Contesting allegations made by ousted chairman Cyrus Mistry in his petition filed in the National Company Law Tribunal (NCLT), Tata Sons on Friday filed its reply with the tribunal.
On December 20, Mistry had moved the tribunal asking it to protect Tata Sons from “oppression and mismanagement of minority interest”.
“As per the tribunal’s instructions, a reply has been filed with NCLT.
“The affidavit mainly countered allegations made by Mistry and also stated the highest standards of corporate governance Tata Sons follows,” said a source close to the development, without divulging further details.
In its December petition, Mistry had also alleged governance issues and violation of the Articles of Association of Tata Sons due to the interference of “retired outsiders”. The petition was filed under Section 241 of the Companies Act.
Tata Sons had said that it will contest all allegations against the holding company.
On January 3, Mistry, in an affidavit before the tribunal, stated that the oppression and mismanagement by Tata trustees are “current and real”, and accused them of controlling nominee directors.
The trustees controlling nominee-directors of Tata Trusts have resulted in “complete breakdown of governance” and thereby in the oversight of Tata Group, it said.
The filing also stated that Ratan Tata was “omnipresent in the conduct” of Tata Sons, and has now come back into office with the title of Interim Chairman, thereby seeking to control the operations of the holding company.
The $103-billion Tata Group comprises over 100 companies spread across six continents, held under the umbrella firm Tata Sons, in which Tata Trusts holds 66 per cent stake.
Mistry was ousted as Tata Sons’ Chairman on October 24, with Ratan Tata taking over as the Interim Chairman.
The filing of legal cases started the next day, with the Tata Group filing a caveat with the NCLT. The next hearing of the tribunal is slated for January 31.