List Tata Sons for more transparency, demand Mistry-Wadia camps

Moneycontrol BureauThe Ratan Tata- Cyrus Mistry fallout brought to the fore the good, the bad and the ugly picture of the happenings in the Tata family. The unending Tata-Mistry spat illustrates that all is not well in the family especially with Mistry demanding increased transparency and higher corporate governance standards in both Tata Sons and Tata Trusts.Now, the Mistry/Wadia camps have demanded to the Government of India that Tata Trusts should sell part of their 66 percent stake in Tata Sons, the holding company of the Tata group. In addition to this, the demand also highlights that after raising a substantial amount, the Group can use the bumper proceeds to fund charitable activities instead of running companies.List Tata Sons for more transparency, demand Mistry-Wadia camps. Tata Trusts were set up by Jamsetji Tata’s sons and other Tata family members. The Trusts were not supposed to be in the business of running companies. However, things changed and all corporate governance norms were ignored and charitable trusts started interfering in Tata group companies, said a source close to the development in an interview to Business Standard.According to the source, the listing of Tata Sons will bring in higher corporate governance standards that are followed by the listed firms into the holding company.