Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Former Tata Sons Chairman Cyrus P Mistry - The Hindu
Cyrus Mistry is on the backfoot, and Tata Sons is turning the screws. It has asked market regulator SEBI to investigate possible violation of insider-trading norms by ousted Chairman Cyrus Mistry.
In a letter to the regulator, Tata Sons said Mistry had disclosed information sensitive to listed companies as part of his submissions to the National Company Law Tribunal.
Tata Sons accuses the petitioners at the National Complany Law Tribunal — Cyrus Investments Pvt Ltd and Sterling Investment Corporation Pvt Ltd, companies in which Mistry’s family has interests — of includingconfidential corporate information that Mistry was privy to as Chairman of the conglomerate, in their complaint.
To illustrate, the letter to SEBI says sensitive information related to group companies, including Voltas, TCS, Indian Hotels Company, Tata Motors, Trent, Titan, Tata Teleservices and Tata Power, were disclosed in the NCLT petition and in an affidavit subsequently filed by Mistry at the NCLT.
Minutes of board meetings had been annexed without sensitive details being redacted, it alleged.
By revealing such information to the petitioners, Mistry breached the SEBI (Prohibition of Insider Trading) Regulations, 2015.
Undertakings violated“The confidential and sensitive information disclosed in the petition and affidavit had been received by Mistry from Tata Sons and/or the relevant listed Tata companies at the relevant time on a need to know basis, for legitimate corporate purposes, in his capacity as a Director and Executive Chairman of Tata Sons...by passing on such information to companies owned and controlled by his family, Mistry has acted in complete violation of the confidentiality obligations and undertakings to Tata Sons,” the company alleged in its complaint letter to SEBI.
Tata Sons said that rules under Insider Trading Regulations restrict insiders from communicating or providing unpublished price sensitive information to any person. The company had earlier issued a notice to Mistry on the issue.
The Mistry camp has so far maintained that no sensitive details were given out, and that all information had been shared as per the requirement of existing laws.
Tata Sons said that by disclosing price-sensitive information, Mistry had caused direct losses and damage to the group and exposed it to third-party claims for breach of confidentiality obligations.
“Tata Sons has every intention to hold Mistry and/or the petitioners liable for all such claims,” the company said.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
* From March to September for a period of 28 weeks the Atlantis ballroom was turned into an artist’s studio ...
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor