Tata-Mistry spat 'Internal Matter', keeping close watch: Govt

Minister of State for Finance and Corporate Affairs says govt will take note if regulators raise issue

While the Tata-Mistry spat is taking the corporate world by storm, the Union government has decided not to intervene, but is keeping a close watch on the developments in one of India's largest and oldest corporate houses.

Speaking on the sidelines of a conference in Gandhinagar, Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said, "It is Tata Group's internal matter and our government is closely watching it. Right now we will not interfere in their internal matter. Government will take note if regulators raise an issue."

At the GIFT City, the minister also stated that contribution of Tata Group in Indian economy is significant.

 

The developments at the group, which began with the removal of its chairman Cyrus Mistry on Monday afternoon, have turned into an ugly public spat with Mistry's letter to the Tata Sons' Board of Directors leaking to the media.

Meghwal said, "The economy should not be impacted because of any controversy. We are keeping a watch. But I do not want to say anything on their internal matter."