After Cyrus Mistry warns of $18 billion writedowns, India’s leading bourses seek clarification from Tatas
Advertisement
India’s market bellweather Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have sought clarification after ousted Chairman of Tata Sons Cyrus Mistry warned that Tata Group faces $18 billion in writedowns.
The two leading bourses NSE and BSE have written to some of the listed Tata Group companies in this matter.
Mistry, on Wednesday, wrote an email to board members of the Tata Group and termed the decision as “shocking”. Mistry claimed he was never given a free hand and Tata’s Nano project was taken up as it was Ratan Tata’s dream.
In his e-mail, Mistry said the group took emotional decisions rather than being practical.
A notice on the BSE said, "The exchanges have sought clarification from the company with respect to a news article appearing on Bloomberg on October 26, 2016 titled 'Ousted Tata Chief Says Group Faces $18 Billion in Writedowns'. The reply is awaited." The BSE, NSE have written to Tata Motors, Tata Steel, Tata Power and other group companies.
Tata Power, in its reply, stated the article was, "with comments purported to have been made by ex-chairman of Tata Sons regarding the company's Mundra ultra power project. The company has always made all relevant disclosures, as required, and has no further comments to offer."
Replies from other Tata Group companies are awaited.
Meanwhile, markets regulator SEBI (Securities Exchange Board of India) has been following the developments at the Tata Group closely. "After the exchanges report to us on these developments (at the Tata Group), we will decide our next course of action," a top regulatory official told ET.
Advertisement
The two leading bourses NSE and BSE have written to some of the listed Tata Group companies in this matter.
Mistry, on Wednesday, wrote an email to board members of the Tata Group and termed the decision as “shocking”. Mistry claimed he was never given a free hand and Tata’s Nano project was taken up as it was Ratan Tata’s dream.
In his e-mail, Mistry said the group took emotional decisions rather than being practical.
A notice on the BSE said, "The exchanges have sought clarification from the company with respect to a news article appearing on Bloomberg on October 26, 2016 titled 'Ousted Tata Chief Says Group Faces $18 Billion in Writedowns'. The reply is awaited." The BSE, NSE have written to Tata Motors, Tata Steel, Tata Power and other group companies.
Advertisement
Replies from other Tata Group companies are awaited.
Meanwhile, markets regulator SEBI (Securities Exchange Board of India) has been following the developments at the Tata Group closely. "After the exchanges report to us on these developments (at the Tata Group), we will decide our next course of action," a top regulatory official told ET.
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market