JOIN USFollowing the sensational letter by former Tata Sons chairman Cyrus Mistry, some of the Tata Group companies came up with clarifications stating their stance over the whole issue.
Cyrus Mistry, in a mail to the directors of Tata Sons and trustees of Tata Trusts, had stated that the Tatas could be looking at potential write-downs to the tune of Rs 1.18 lakh crore.
“Our business and product strategies, operations and financial performance are reviewed and approved by the board periodically... Provisions and write-offs as appropriate are being made in our audited/reviewed financial statements after evaluating useful life, volumes and alternate usages and these are reviewed/approved by the Audit Committee by the board,” Tata Motors said in a communique to the exchanges.
Both the exchanges, NSE as well as BSE had sought clarifications from Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power regarding the issues mentioned in the email by Mistry. According to reports, market regulator Sebi is also keeping a close watch on the entire issue.