Tata Sons withheld facts on collection of deposits from public: Cyrus Mistry

NEW DELHI: Tata Sons and its board of directors withheld material facts related to collection of deposits from the public and it is a “de facto and de jure public limited company”, says the counter filed by ousted chairman Cyrus Mistry in the Supreme Court.

Cyrus Investments, part of the Shapoorji Pallonji Group submitted in Supreme Court, “Tata Sons is a public company and not a dejure private limited company. Material facts related to collection of deposits from the public, withheld”.

It argues that Tata Sons assumed the character of a public company and not merely a “deemed” public company since, Tata Sons never acted in accordance with restrictions imposed on a private company in collecting deposits from the public.


“This is a fact suppressed by Tata Sons and its majority shareholders from the RoC and indeed the NCLT, NCLAT, that during the operation of the 1956 Act itself, Tata Sons accepted public deposits. Therefore, Tata Sons was de facto and de jure a public limited company”, it said.

“Tata Sons seems to be under the mistaken impression that inconvenient truths can be drowned out, in a sea of verbiage”, the submission said.