Tata Sons, the holding company of the $114 billion (market capitalisation as of December 22, 2016) Tata Group, has served a legal notice on its former chairman Cyrus Mistry, removed from the position in October, triggering a chain of allegations and counter-allegations.
The notice accused Mistry of making public sensitive and confidential documents, according to a report by the PTI on Tuesday.
The development comes within days of Mistry's investment companies filing a petition before the National Company Law Tribunal under sections 241 and 242 of the Companies Act.
In the past few days, many listed Tata Group companies such as Tata Steel, Tata Chemicals, Tata Motors and Indian Hotels Company Limited convened EGMs to oust Mistry from the boards of these companies, apart from removing another long-time member of some of these boards, Nusli Wadia.
Mistry pre-empted the move by resigning from all Tata companies; though Tata Sons described it as a "deliberate strategy on his part, knowing well that the overwhelming majority of the shareholders were not in support of his actions."
Shares of some Tata Group companies closed with gains on Tuesday; Tata Steel was up 3.23 percent, Tata Chemicals gained 2.23 percent, Tata Motors closed 1.79 percent higher and Indian Hotels Company ended with gains of 1.14 percent. Tata Coffee lost 0.05 percent.
