Government not to meddle in Tata-Mistry spat, for now

November 01, 2016 21:12

Ousted Tata Group chairman Cyrus Mistry has sought an appointment with Finance Minister Arun Jaitley, who also heads the Ministry of Corporate Affairs, but the government has decided to stay clear of the boardroom tussle in India's largest conglomerate, for now.

Mistry, the first non-family chairman of Tata Sons, the holding company of the Tata Group, who was unceremoniously removed from his position last month, has sought an audience with Jaitley possibly to explain his side of the story.

But the finance minister has for now decided not to meet either side as the government does not want to be seen getting embroiled in the Tata Group turmoil, a senior government official said.

Ratan Tata, Mistry's predecessor, who was brought in as his replacement in the interim period, has so far not sought an appointment with Jaitley even though there are reports that the two had sought time to meet Prime Minister Narendra Modi.

The official said the government will not suo motu get involved in the turmoil at the Bombay House, the seat of the $100 billion (around Rs 6.67 lakh crore) salt-to-software conglomerate. Ministers, he said, are unlikely to meet either side till the matter reaches the National Company Law Tribunal or any other judicial forum because then it will be a legal battle with the government having practically no role to play. The government does not want to give an impression of siding with either party, the official added.

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