Mumbai: Stepping up his attack on the Tata Group in general and Ratan Tata in particular, ousted chairman Cyrus Mistry on Friday denied groups claim that the board was not properly consulted on Tata Power's purchase of Welpsun Power in June.
He said that all the board notes were shared with Tata in his capacity as the chairman emeritus of the group.
Presenting his side of the facts, Mistry said in the early part of 2016, Tata Power had made a presentation to Tata Sons that a significant focus area would be the renewables sector. And this was appreciated by the Tata Sons board.
"The only board member to reply was Vijay Singh, a nominee director of Tata Trusts on the Tata Sons board, who appreciated the plan. And with no other view having been expressed, Tata Power executed the agreement on June 12, 2016," Mistry said.
Mistry further claimed that even after the conclusion of the deal for a Rs 10,000 crore, a series of discussions took place in the presence of Tata, and trustee NA Soonawala.
Since shareholder nod was needed to arrange the funds for the transaction, the deal was discussed again at the Tata Sons board.
"On June 30, 2016, Anil Sardana, CEO of Tata Power, made a detailed presentation to the Tata Sons board. The discussion covered all aspects of the transaction including the structure and the Tata Sons board unanimously approved the transaction," Mistry claimed in the statement.
"Therefore, to even suggest that the Tata Sons board including the nominee directors of the Tata Trusts had not been adequately informed is contrary to the factual record," he concluded.
Hitting out at Cyrus Mistry for making 'unsubstantiated claims and malicious allegations', Tata Sons on Thursday said the former chairman was fully empowered to lead the group and its companies but had "overwhelmingly" lost the confidence of board members.
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