Mumbai (Maharashtra) [India], Nov. 1 : Ousted Tata Sons chairman Cyrus Mistry on Tuesday dismissed allegations that Docomo, its Japanese telecom partner, issue handled under his watch was "inconsistent with Tata culture and values." "Insinuations that the Docomo issue was handled under the watch of Mistry in a manner inconsistent with Tata culture and values are baseless.
The suggestion that Ratan Tata and the trustees would not have approved of the manner in which the litigation was conducted is contrary to what transpired," the official statement from Mistry's office stated.
He said that all decisions were taken with the unanimous approval of the Tata Sons Board, adding that they were collective decisions and the actions were in consistent with every such collective decision.
Mistry said that the agreement with Docomo had been executed before he became the executive chairman of the Tata Group.
"Tatas under Mistry requested Docomo to join the Tatas in seeking the approval of the Reserve Bank of India (RBI).
Docomo did not agree. Nevertheless, Tatas applied to the RBI for approval. Since RBI approval was not forthcoming, Docomo initiated arbitration. The Award was passed in favour of Docomo and against the Tatas. Tatas under. Mistry did not challenge the Award in the UK. On the contrary, RBI was approached once again by the Tatas for permission to pay the amount awarded. RBI again refused permission," the statement read. Mistry said that Docomo sought enforcement of the Award in the Delhi High Court. In order to show their bonafides, Tatas deposited a sum in excess of Rs. 8,000 crores in Court. "Throughout the above process, Ratan Tata and N.A. Soonawala, Trustee, were kept informed and they participated in separate meetings held with Mistry. They also participated in the meeting with the legal counsel (who also happened to be a trustee of the Dorabji Tata trust) and who represented Tatas in the litigation.
At all times Ratan Tata and Soonawala concurred and approved the course of action adopted by Tatas and as advised by legal counsel," it read.
Mistry asserted that all decisions were taken with the unanimous approval of the Tata Sons Board. "In light of the above facts, to suggest that Mr. Mistry acted on his own, or contrary to "Tata values", or without the knowledge and/or concurrence of Ratan Tata and Soonawala is as false as it is mischievous," the statement read.