 "Cyrus Mistry, Tata Group, Bombay House")
Tata Counsel Mohan Parasaran indicated that a long drawn legal battle lay ahead between the Tatas and Cyrus Mistry, following the latter's resignation from all listed Tata Group firms.
Scoffing at the string of charges made by Cyrus Mistry in a statement announcing his resignation, Parasaran said in a television interview that the allegations were made from an emotional frame of mind, and that he didn't give any credence to them.
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The Tata counsel claimed that the group was well prepared for a possible court battle, and that Tata Sons would come out with a suitable reply in the form of a white paper. He was emphatic that the group would engage the best legal minds to fight the case and that the Tatas were more concerned about their own reputation and public interest. "We have a good case," he claimed.
The Tata counsel claimed that the group was well prepared for a possible court battle, and that Tata Sons would come out with a suitable reply in the form of a white paper. He was emphatic that the group would engage the best legal minds to fight the case and that the Tatas were more concerned about their own reputation and public interest. "We have a good case," he claimed.
Parasaran asserted that Mistry had made a serious allegation about the Tata group's intention to sell TCS, but had to backtrack when he was proved wrong.
The counsel further claimed that Mistry's resignation stemmed from the fact that he had, in fact, seen the end of the road, and had no other recourse than to go legal.
In a statement issued earlier today, Mistry had announced that he was voluntarily stepping down from all listed Tata companies, and was drawing up plans to take the group to the court.
Mistry said the legal route was likely to focus on the relationship between Tata Sons and Tata Trusts, through which his removal from the Chairmanship of the group was engineered on October 24. The Trusts hold 66 per cent in Tata Sons. Since his expulsion he and the Tatas have traded charges of poor business decisions and corporate governance.
“The time has to come to take matters to their logical conclusion. I will work on protecting the interests of the Tata Group and realising the vision of our Founder, Jamsetji Tata, until my last breath,” Mistry had said in a statement today.
