Economy

Cyrus Investment objects to AGM agenda

Cyrus Investment objects to AGM agenda”

These six companies together hold an 8.8% stake in Tata Sons, which is estimated to be worth at least $4.3 billion (Rs 28,000 crore).

Tata Sons has sought shareholders' approval to amend its articles of association to give voting rights to holders of the company's preference shares if it didn't pay dividend for two years or more. The remaining stake is owned by Tata group companies and some Tata family members. Tata Trusts, a bunch of charitable organisations chaired by Ratan Tata, own 66% in Tata Sons. The holdings of the different group companies in Tata Sons are mostly in single digits and collectively are less than 10 per cent of the total. Tata Sons AGM is scheduled for Sept 21. Getting voting rights on the preference shares will increase their effective control over the company. Preference share holders get priority on dividend over common shareholders, but usually do not have any voting rights. Making Tata Sons a private company will lower standards of governance and disclosure in a private company, he said in a letter dated 14th September.

According to the Companies Act, 2013, certain types of related party transactions and transactions where value is beyond prescribed limits require approval from the Board of Directors and shareholders.

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Similarly, another businessman named Mohammad Irfan Yousaf from Pakistan recently started a company in the United Kingdom by the name of Tata Investments Ltd for "buying and selling of real estate". The letter by the investment firm led by Cyrus Mistry, the ousted chairman of Tata Sons, further said any resolutions such as the ones proposed to be passed at the AGM of Tata Sons would be detrimental to the companies and "contrary to the interests" of their public shareholders.

The Telegraph on Sunday had reported about the 30-year-old Pawan Jhawar who registered Tata Sons Limited as a private investment company at 219 Kensington High Street in London's upscale Kensington neighbourhood with a paid-up capital of £1,000 on August 7 this year.

The investment firm in its letter to the directors of public limited company with holdings in Tata Sons urged shareholders to "apply their mind" and discharge their "duties in law" as the investment involved are material in nature and size.

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