Govt Keeping Close Watch on Tata Matter, Says Corporate Affairs Ministry
Govt Keeping Close Watch on Tata Matter, Says Corporate Affairs Ministry
Government is keeping a "close watch" on the developments relating to Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal said on Friday.

Gandhinagar: Government is keeping a "close watch" on the developments relating to Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal said on Friday.

Tata Sons, the main holding company of over $100-billion conglomerate, earlier this week ousted Cyrus Mistry from the position of Chairman, while recalling his predecessor Ratan Tata as an interim Chairman.

He was replying to a query on his ministry's possible steps in probing the allegations made by Mistry against Tata Sons.

In the letter written by Mistry to Tata Sons' board members, he allegedly pointed out several lapses in the functioning of the conglomerate as well as on the corporate governance front.

"At present, we have not received any representation from Sebi about this issue. We will take note of the issue as and when Sebi asks us to look into the issue in future," said Meghwal.

On the World Bank's latest ease of doing business rankings, wherein India has been ranked 130th, Meghwal defended the central government's efforts and claimed that the sampling done by the ranking agencies was not sufficient for a vast country like India.

"We have taken so many initiatives for ease of doing business, such as Digital India, Make in India, Skill India, Stand-Up India and so on. But, we feel that those engaged in giving ranking have not taken into account our efforts as well as investment in totality," said Meghwal.

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