NCLT verdict on Tata-Mistry feud on July 4

Ahead of the verdict, Mistry has fired a fresh salvo at the management. He has questioned the rationale behind some actions like the free sale of its telecom arm to Airtel, massive debt-driven acquisitions by Tata Steel and its unequal tie-up with Thyssenkrupp, and a first-ever dip in TCS profit among others. 

In a letter to the directors of Tata Sons, Cyrus Investments, which is the key investment vehicle of the Mistry family and the key petitioner in his legal feud with the Tatas, Mistry has sought accountability and information from the board of Tata Sons in which his family owns 18.34 per cent. 

The key allegation by Mistry camp is that his removal as Chairman and subsequently as a director of the board Tata Sons was a result of oppression by the promoters who are in turn owned by Tata Trusts that owns over 68 per cent in Tata Sons. 

The second part of the plea focused on the alleged mismanagement by Tata Sons board and Ratan Tata which caused revenue loss for the group. He has also termed the changes to the articles of association since his dismissal from office as “arbitrary”. 

The Mistry family owns 18.6 pc in Tata Sons, though holding with voting rights is only under 4 pc. The over 18 per cent stake makes the Mistry group as the single largest shareholder in country’s largest corporate entity, though.