Thursday, December 29, 2016

Tata Sons asks Mistry to return all documents with confidential information

After accusing ousted group chairman Cyrus Mistry of breaching confidentiality rules, Tata Sons on Thursday asked the former chairman to return all classified papers and sign an undertaking within 48 hours that he would not disclose such information in future.
In a second legal notice in three days, Tata Sons alleged that Mistry had "wrongfully and dishonestly" taken confidential information out of the company premises without consent.
It asked him to "immediately return to the company all confidential information" in his possession and "not retain copies" of the same.
Asking him to cease from use or disclosure of confidential information, the holding company of the USD 103-billion salt-to-software group also asked Mistry to sign an undertaking within 48 hours that he "shall preserve the confidentiality of all the confidential information and not use or disclose" to anyone, including affiliates, relatives and family members.
On Tuesday, it had sent a legal notice accusing Mistry of breaching confidentiality rules by attaching dozens of confidential and sensitive company documents with the petition filed by his family investment firms before the National Company Law Tribunal against his removal.
It had threatened to take legal action against him, terming his action as "reckless failure" in discharging of "fiduciary, legal and contractual duties". 
In today's notice served through its law firm, Tata Sons said Mistry was privy to confidential and commercially sensitive information and documents in his capacity as executive chairman and director of the company and its operating firms.

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