Tata Sons to issue short statement denying Cyrus Mistry allegations soon

NEW DELHI: Tata Sons will come out with a short statement later on Thursday denying most of the allegations leveled by ousted Chairman Cyrus Mistry against the company and its board of directors.

"Many of the allegations are incorrect," Tata lawyer Mohan Parasaran told ET."Why did he keep quiet all these days if norms of corporate governance were not being followed," he wondered.

Parasaran also insisted that all procedural norms were followed in his removal. Mistry was spoken to (to put in his papers) before the board meeting but he chose to face the board, he said.

"He chose not to put in his papers, " Parasaran charged Ratan Tata and another director had spoken to Mistry.

The 15-day notice period is only for convening a new board meeting and is not required for a continuing board meeting, Parasaran said.

Any other point not on the agenda could also be raised with the permission of the chair but since he was an interested party in this case, the convention of consulting majority of directors, including one independent director, was followed, the former solicitor general said.

"All this is in conformity with section 118 of the companies act."

The Tata counsel dismissed most of the allegations in Mistry's email as his "perception".