Former Chairman of Tata Sons Ltd, Cyrus Mistry in an affidavit submitted to the Supreme Court (SC) has alleged that certain related party transactions were conducted in Tata Sons which aimed to benefit only a few selected persons. The various allegations raised could be understood, in brief, as under:

1. Purchase of an Aircraft from a related party without appropriate board approval
2. Entering into a sham contract with HNR Trading PTE Ltd for regulatory and corporate affairs liaising work for which the firm was paid Rs. 22 crores. And, no effort has been made by the company to recover the money paid.
3. Tata Motors was compelled by the Tata Group Chairman to give additional business to Jayem Auto.
4. Transactions entered between the Tata group and businessman C. Sivasankaran (through his group companies), which benefited Siva group to the tune of Rs. 1,000 crore.
5. Questioned the Tata group’s continued presence in loss-making ventures such as the Nano mini car project and Tata Steel Europe that has incurred losses of $495 million as of 2019.

Click on the icon to read more: