MUMBAI: A day after Tata Sons demanded its ousted chairman Cyrus Mistry to return all sensitive documents, some people close to the development accused the firm of trying to stop documents that may go against it from being produced in court.
"Ratan Tata would naturally be nervous if the courts have to decide and judge his conduct that has been carefully maintained and protected despite serious erosion to reputation over the Radia tapes and his direct endorsement of telecom minister A Raja and lobbying for his appointment as minister, after which the minister was alleged to have indulged in rampant corruption," alleged a person close to the development.
On Thursday, Tata Sons had sent a legal notice to Mistry, asking him to return all confidential information in his possession and declare in writing that none of it was shared with his Shapoorji Pallonji Group companies, family members and affiliates.
It also sought a written undertaking from Mistry within the next two days confirming that he has returned all the confidential information to the company and will not disclose any of it further to his affiliates, relatives and family members.
Some people close to the development claimed that in his affidavit in reply, which was scheduled to be filed on Thursday, the former chairman was expected to bring on record all such documentary evidence.
They alleged that between Tuesday and Wednesday, Tata lawyers worked round the clock to pre-empt Mistry filing such records — first by issuing a legal notice asking Mistry not to rely on documents and records in his possession and second, by requesting him to return any material with him, and third, by demanding that Mistry must sign a new undertaking not to use documentary records.
They also alleged that if the Tata Group had to prove that Mistry was in the wrong, they need to show proof in front of the National Company Law Tribunal (NCLT) and that can be a "messy affair" for them, hence the attempt to thwart Mistry from showing documents.
An email sent to Tata Sons, seeking its response to these allegations, did not elicit any response as of press time on Friday.
Tata Sons and Mistry have been engaged in a war of words, accusing each other of poor corporate governance practices and poor business decisions, ever since Mistry was unceremoniously dismissed on October 24.
After two months of exchanging accusations, Mistry filed a petition in NCLT against the Tata Sons board, including interim chairman Ratan Tata, alleging oppression of minority shareholders.
After Tata Trusts, Mistry's Shapoorji Pallonji is the biggest shareholder in Tata Sons, the holding company of the $103 billion salt-to-software conglomerate. In his 344-page petition, Mistry shared the minutes of several board meetings, details of business deals and emails.
Tata Sons earlier this week accused Mistry of violating the law by passing on confidential corporate information that was made public with a view to damaging the conglomerate, demanding that he "cease and desist" from making further revelations.
The confidential information, according to the legal notice, includes records, notes, presentations, databases and forecasts.