Sharing info with statutory authorities no violation: Cyrus Mistry

MUMBAI: Ousted Tata Sons chairman Cyrus Mistry has asked the company to withdraw its December 27, 2016, legal notice, saying sharing relevant corporate information with statutory authorities, when asked for, doesn't amount to breach of law. He said on the contrary not complying with the request of statutory authorities, such as the income tax department, amounts to criminal offence.

Mistry, through law firm Maneksha & Sethna, on Thursday said that the Tata Sons' legal notice restricting him from furnishing information to the income tax authorities was an attempt to intimidate him. He said that he was bound to comply with the request of the income tax department after Tata Sons didn't respond to its request. Mistry denied breaching confidentiality obligations and legal duties as a director of Tata Sons.

“(Mistry) has in his fiduciary capacity as a director of (Tata Sons) provided the appropriate response to the (income tax department) as there was no response forthcoming from (Tata Sons) despite repeated reminders from (income tax department),“ said a January 5 communique issued by Maneksha & Sethna on behalf of Mistry . The communique, sent to Tata Sons and its law firm Shardul Amarchand Mangaldas, was a response to Tata Sons' legal notice.

“The utter recklessness of (Tata Sons) requisitions cannot but lead to the irresistible inference that (Tata Sons) concern for an alleged breach of confidentiality by (Mistry) is a mere smokescreen for (Tata Sons) actual concern i.e the grave consequences which must necessarily ensue from the information supplied by (Mistry),” the communique said.

A Tata Sons spokesperson said it is surprising that Mistry does not consider it his duty to return mails and business data pertaining to the Tata Group, which is admittedly in his possession. The spokesperson said it is shocking to learn that Mistry intends to abuse such information and cause Tata Sons wrongful losses.