Capital and commodities market regulator Securities Exchange board of India has sought explanation from three Tata Group companies on breaching of corporate governance issue. SEBI has sought formal explanation from Tata Power, Tata Steel and Tata Global Beverages.
After Cyrus Mistry was abruptly ousted from Tata sons as Chairman, SEBI has, for hte first time, and formally, asked for a reply. The explanaiton has been sought on the basis of an internal audit committee report.
Earlier also the former chairman of Tata sons Cyrus Mistry and independent director Nusli Wadia also raised issues of corporate governance in Tata Group companies.
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