Former Chairman of Tata Sons Cyrus Mistry has said that the group’s interim chairman Ratan Tata is justifying Monday's conduct by making vague public statements that are contrary to his knowledge and contrary to the records of the Tata Group.
Mistry’s office said this in a statement released to the media on Friday late evening while rebutting the claim that the trustees of Tata Trusts were not kept informed about Tata Power’s acquisition of renewable energy business of Welspun group.
Tata Power’s Renewable Energy Acquisition
The statement said that earlier this year, Tata Power made a presentation to Tata Sons that a significant focus area would be the renewables sector, which was appreciated by the Tata Sons board. At the end of May 2016, the Tata Sons board circulated a note to all its members on a proposed transaction to acquire the renewables business of Welspun Renewables Energy for Rs 9,249 crore.
“On 31 May, 2016, a note was circulated to the board of Tata Sons and to Mr Ratan Tata (he was sent all board notes as Chairman Emeritus) providing information about the proposed Welspun transaction, and asking them if they needed any further information.”
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