Tata Sons reaches out to domestic, foreign investors

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Tata Sons reaches out to domestic, foreign investors

The company has paid Rs.790 crore to Tata Sons to acquire the shareholding of Japanese telecom major NTTDoCoMo in Tata Teleservices and booked a loss of Rs.124.46 crore to reassess its fair value in Tata Teleservices.

According to sources, at least two Directors - Homiar S Vachha and Deepak M Satwalekar - supported Mistry.

Tata Sons in the legal notice asked Mr Kumar to "issue an unconditional apology to the company, withdraw your disparaging remarks about the Tata Group from the social media and forthwith cease and desist from making any further public statements or disclosing any information in breach of your obligations you have explicitly undertaken".

"S&P said it "notes" the sudden removal of Tata Sons Ltd. chairman Cyrus Mistry on November 4, and some independent directors can provide clear direction to individual companies and help restore the group's credibility, and restore investor confidence in the group's corporate governance practices", S&P said.

A statement from the Mistry camp said: "Mistry chaired today's (Tuesday) board meeting of Tata Power without any contest".

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In his three-page letter to Wadia who is serves as independent director on three Tata companies, Bharat Vasani, Chief, Legal and Group General Counsel of Tata Sons said the Special Notice issued by Tata Sons to the board of Tata Steel was not to defame Wadia.

But unlike some of the board meetings at other Tata Group companies, Cyrus Mistry who is still the chairman of Tata Power did preside over the meeting today, which was held at the Tata Group headquarters, Bombay House.

The EGM will be held on December 26 in Mumbai.

Despite being removed as chairman from these three firms, Mistry continues to be the head of Tata Power.

Expecting the group companies to be all professionally managed, the US-based firm said that it hoped that all these firms will continue to deliver on their business and financial plans as they are "currently unaffected by the developments".

One of the independent directors told PTI that the board meeting was routine in nature and did not take up any particular resolution on removing Mistry.

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