Follow Us
New Delhi, October 26
The Securities and Exchange Board of India (SEBI) has begun looking into the high-profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over $100 billion conglomerate.
“We (SEBI) are taking note of each and every development and will act immediately, if there is any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction,” a senior official said.
(Follow The Tribune on Facebook; and Twitter @thetribunechd)
Besides, stock exchanges, late evening, sought clarification from many of the group’s listed companies on the purported disclosure by ousted Chairman Cyrus Mistry about Rs 1.18 lakh crore possible writedown at the group firms.
The companies, including Tata Motors, Tata Steel, Indian Hotels, Tata Teleservices and Tata Power, have been asked to explain “whether such event/negotiations/article stated in published news were taking place?” “If so, you are advised to provide the said information along with the sequence of events in a chronological order and the material impact of this article on the company,” the bourses said.
The market regulator is also looking into the alleged disclosure made in the letter purportedly written by ousted chairman Cyrus Mistry to Tata Sons’ board members about financial and other irregularities as also lapses on the corporate governance front, sources said.
The stock exchanges and the regulator are also keeping a close watch on the price movement and trading activities of over 24 listed companies of Tata Group, which have seen an erosion in value in the last two trading sessions after the surprise ouster of Mistry in less than four years of being made chairman of Tata Sons, the main holding company of the Group firms.
The price movement and trading volumes for a few days prior to the surprise announcement will also being look into. PTI
1
3
5