Tata group has a separate trust for funding political parties: Cyrus Mistry

Cyrus Misty said, "The group remains in a trust for election funding. Who, what, and how to fund it on mine or trustee, is not anyone's control. The formula is based on the fund."

New Delhi, Dec 11: Tata Sons’ ousted chairman Cyrus Mistry explained how the group funds political parties. According to the Mistry, the company has a separate trust in place which takes a call on political funding. He further adds that Tata group does not interfere in the decision being taken by the trust. Mistry claims that the amount to be funded, along with the political party which should be chosen is decided independently by the trust.

According to Dainik Bhaskar, Cyrus Misty said, “The group remains in a trust for election funding. Who, what, and how to fund it on mine or trustee, is not anyone’s control. The formula is based on the fund.”

Meanwhile, on Sunday the drama between Tata Sons with their former chairman Mistry unfurled further. Tata Sons, in a shocking statement, claimed that Cyrus Mistry seems misled the selection committee in 2011 for selecting a chairman to succeed Ratan Tata. Cyrus Mistry also made some lofty statements about plans of Tata.

Tata Sons also claimed that the ousted chairman Mistry failed to maintain distance from his family enterprise Shapoorji Pallonji & Co as he had promised to the group before taking the role.

Tata Sons issued a statement in which the group said, “Mistry’s retraction from commitments created grave concern on his ability to lead Tata Group devoid of personal conflicts and put to risk high standards of self-philosophy.”

There are also allegations by the group that Cyrus Mistry worked at centralising power in the company claiming that he took advantage of a free hand to weaken the management structure.