Refuting Cyrus Mistry’s allegations of “breakdown” in the governance of trusts managing Tata Sons, the group holding firm on Monday said the trusts are governed by individual wills of Jamsetji Tata and his two sons, and accused the ousted Chairman of causing huge financial losses.
Tata Sons, the holding firm for over $100 billion conglomerate, said Mistry’s statements have caused the group, including the companies where he continues to be the Chairman, “enormous damage and caused considerable financial loss to all shareholders, running into tens of thousands of crores”.
“The Trusts are governed by the individual Wills of Jamsetji Tata, his two sons, Sir Dorabji Tata and Sir Ratan Tata, and other founders. The Trusts have been scrupulously following the mandates set out in the Wills,” Tata Sons said in a statement.
That is the reason the different Trusts continue in existence for decades, it added.
Various Tata Trusts of which Ratan Tata is lifetime chairman, owns 66 per cent in Tata Sons, and are all public trusts.