Tatas' 1989 share deal illegal? Noel gives an answer
Mumbai: Tata Trusts chairman Noel Tata has responded to allegations from the Maharashtra Charity Commissioner's office regarding the transfer of 833 Tata Sons shares in 1989. Noel Tata maintains that the transaction was legal and fully compliant with laws at the time, citing approval from various levels including the late legal expert Nani A Palkhivala and the Tata Sons board.
The transfer was made on a valid form stamped by the registrar of companies. The state regulator for trusts will now examine Noel Tata's response and supporting documents before deciding on an independent inquiry under the Maharashtra Public Trusts Act.
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