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Tata Sons asks Mistry to return all confidential information

29 December, 2016

In another legal notice to Cyrus Mistry, Tata Sons Ltd has asked its ousted chairman to return all the confidential information and data in his possession within two days.

This is the second notice to Mistry in as many days ever since the investment company controlled by him approached the National Company Law Tribunal (NCLT) against Tata Sons and Ratan Tata for oppression and mismanagement.  

The two-page notice says: “We have credible information that you have wrongfully and dishonestly taken movable property being confidential information, out of the possession of the company, from the premises of the company without taking any appropriate consent of the company. Please note that the act of removal of confidential information from the premises of the company without consent of the company is an offense punishable under law.”  

The notice also directs Mistry to return all confidential information as well as cease the use or disclosure of the same. “Our client also wants to know through a written information from you that you have not made available any confidential information to Cyrus Investments Pvt. Ltd, Sterling Corporation Ltd, Shapoorji Pallonji Group Companies, Afcons, your family members, relatives and other affiliates,” stated the notice.

On Tuesday, Shuva Mandal, partner of law firm Shardul Amarchand Mangaldas had sent a notice to Mistry alleging the breach of confidentiality pact when he had approached the tribunal to challenge his sacking. The notice stated, “Such reckless failure on your (Mistry’s) part in discharging your fiduciary, legal and contractual duties has caused irreparable harm and damage to Tata Sons and the Tata Group and our client intends to exercise all legal rights and pursue all remedies available under applicable law to our client in relation to breach on your part.”  

“Tata Sons does not wish to comment,” said a company spokesperson to a VCCircle query. 

A statement from Cyrus Mistry’s office said: “Neither will we comment in public nor will we provide our correspondence to the media to make news. We will keep focus on the real and core issues in the relevant forums alone. That their letters claiming confidentiality have been widely circulated to the media is ironical. We believe such conduct is unbecoming and interferes with justice administration. For the record, the affidavit that Mr. Cyrus Mistry had to file by today has been filed in the Hon’ble National Company Law Tribunal.”

Mistry had approached the tribunal last week, accusing the Tata Sons board of oppressing minority shareholders and mismanaging the company. The petition came a day after he resigned from six listed companies of the $100 billion conglomerate. Tata Sons had sacked Mistry on 24 October.

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Tata Sons asks Mistry to return all confidential information

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