A review of the email records, part of the supporting documents submitted by Cyrus Mistry to shareholders ahead of the EGM of Tata group companies show that Tata Trusts trustees were involved in discussing the structure of the acquisition of Welspun Renewables by Tata Power .
Livemint reports that in the month of July the office of Noshir Soonawala, a trustee of the Tata Trusts, exchanged at least three emails with Cyrus Mistry with reference to the Welspun acquisition’s proposed and revised structure. Shriram Subramanian, founder and managing director at proxy advisory firm InGovern, told Mint: “This is a huge concern.
There is no locus standi for Mr. Soonawala or Mr. Ratan Tata because they are not on the board of Tata Sons. They are a part of the Trusts, which is not even a shareholder of Tata Power, so from that perspective, one can question whether they violated the law (by seeking information on Welspun deal).” He further said that Tata group companies need to define clearer structures in the way they carry their business.