Tata Sons asks Cyrus Mistry to return confidential documents
Tata Sons on Thursday asked ousted chairman Cyrus Mistry to return confidential documents.
Tata Sons had on Tuesday slapped a legal notice on its ousted chairman Cyrus P Mistry for alleged breach of confidentiality by making public sensitive company documents including minutes of board meetings, financial information and data.
Tata Sons in the notice served through law firm, Shardul Amarchand Mangaldas, had said "without there being any requirement to do so" the Mistry family firms "deliberately included in petition, as exhibits, confidential data, business strategies, financial information pertaining to the business affairs of Tata Sons Ltd, Tata Group Companies and Joint ventures (all such material being 'Confidential & Sensitive Information')."
"By passing on Confidential & Sensitive Information accessed by you in your capacity as a Director of Tata Sons to companies owned and controlled by your family... You have acted in complete violation of your confidentiality undertaking to Tata Sons, your fiduciary duties towards Tata Sons and your obligations under the Tata Code of Conduct," it had said.
Mistry's actions have exposed Tata Sons to potential claims from third parties for breach of confidentiality, the petition had said adding Tata Sons will make him liable for all such claims.
It had alleged that Mistry, who was unceremoniously ousted as Chairman of Tata Sons on October 24 and subsequently forced to resign as director from key operating companies, had not only breached his legal duties as a director but also acted recklessly with the sole intent to cause harm and loss to Tata Sons.