Wadia sends letter to SEBI, raises corporate governance concerns

In a latest in the Tata versus Mistry tussle, CNBC TV18 learns that Nusli Wadia has sent a fresh letter to market regulator Sebi raising corporate governance concerns on a 10-year-old inter-corporate deposit made by a Tata Steel subsidiary company.

In his letter dated January 9, Wadia says that an inter-corporate deposit to the tune of Rs 132 crores was made by Tata Steel subsidiary firm Kalimati Investments Co to Sterling Infotech owned by C Sivasankaran, where he claims corporate governance norms were flouted. He has sought an investigation by the market regulator.

In his letter, he also alleges that because of the loan given by Tata Steel subsidiary, Sivasankaran led Infotech benefitted owing to favourable terms.