Home Business Entrepreneurship Cyrus Mistry Accused of Breaching Confidential Rules for Fall in Share Prices, Tata Sons Files Petition

Cyrus Mistry Accused of Breaching Confidential Rules for Fall in Share Prices, Tata Sons Files Petition

Tata Sons, on Tuesday, accused ex-Chairman Cyrus Mistry of breaching confidential rules and figures for the fall in share prices for the FY ’16; which turned out to be another reason for taking strict legal measures against him. The company’s strict rules and norms were broken and breached which has intensified the situation along with making the battle tough and murky. The disowned member of the Tata Group filed a petition last week seeking the interference of National Companies Law Tribunal into the matter.

Cyrus-Mistry-faces-another-allegations-of-confidentiality-breach

The petition was filed on the basis of shareholder oppression as well as mismanagement against the conglomerate thus citing grievances in front of the judicial body. However, the recent accusations of breaching confidential rules by Mistry came forward when Tata Sons created a two-page legal notice in the context of the matter. The entire course develops as Mistry deliberately “attached” confidential information in the form of documents, related to the firm even without any ‘requirements’. The documents included confidential data, financial information, business strategies, and so on.

The offence has been marked under criminal breach of trust followed by issuing all type of legal notice which states that, “Not only have you breached your legal duties as a director, but you have acted recklessly with the sole intent to cause harm and loss to our Client.” The $100 billion salt-to-software conglomerate has filed a petition to which Mistry has been asked to justify his “act” along with providing proof against Tata Sons regarding the allegation charges of shareholder oppressions and mismanagement under India’s Companies Act.

At present, Ratan Tata remains the interim Chairman of Tata Sons with the board of directors holding General Meetings for the fiscal year 2016-17.

 

 

 

Load More Related Articles
Load More By Fabnewz Team
Load More In Entrepreneurship

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

CBSE Class 12 Results 2017 Declared, Pass Percentage Sees a Dip

New Delhi: The Central Board of Secondary Education (CBSE) declared the Class 12 results 2…