Cyrus Mistry meets Sebi chief Sinha for an hour


Mumbai: Cyrus Mistry, the ousted chairman of Tata Sons who had alleged shocking disregard for rules relating to insider information within boards of listed Tata Group companies, on Thursday had a one-hour meeting with U K Sinha, Sebi chairman at the regulator’s headquarters in the city.

This is the first time Mistry met the regulatory chief after he was sacked as Tata Sons chairman on October 24. Mistry reportedly handed over documents relating to the running of several Tata Group companies and Tata Sons to Sinha, sources said. In January, Mistry had written a six-page letter to Sebi in which he had alleged violation of corporate governance norms and insider trading rules in some of the companies within the Tata Group.

After his ouster as Tata Sons chairman, he was also removed from TCS, the most valued company in India. Later, he had stepped down from six other listed Tata Group companies, including Tata Motors and Tata Steel.

Earlier Ratan Tata, interim-chairman of Tata Sons, and Nusli Wadia, who was independent director on the boards of three Tata Group companies, had also met Sinha separately to apprise the Sebi chief about their side of the story in the Tata-Mistry affair. Wadia, who is fighting a legal battle against the three Tata Group companies — Tata Motors, Tata Steel and Tata Chemicals — since he was removed from boards, had met the Sebi chief twice. He had alleged serious irregularities in conducting board meetings in these companies. Soon after Mistry was sacked as Tata Sons chief, he had written a letter to the board of directors of Tata Sons in which too he had alleged several violations of corporate governance and insider trading rules. Based on that letter Sebi had asked the audit committees of the seven companies to clarify positions on these allegations.