Government keeping close watch on Tata-Mistry row: Meghwal

The government, said Meghwal, who is also in charge of the Ministry of Corporate Affairs (MCA) - where corporate disputes eventually land up, will steer clear of the row as “it is an internal affair of Tata Sons.” “The government has nothing to do with it,” the minister said, adding that Tata is a USD 100 billion group and the developments can have implications for the economy. “We are keeping a close watch on the basis of whatever is coming in the media and whatever information we are getting from sources,” he added. Meghwal further said the matter has so far not been referred to MCA. “Nothing in writing has come to Ministry of Corporate Affairs.” 

MCA looks after the affairs of non-listed companies while for listed firms, there is market regulator Sebi, he said. Asked about the interest of state-owned Life Insurance Corporation which is among the biggest stakeholders in Tata Group firms, he said not just LIC but “lot of people are involved. There are concerns of investors, global investors because they have a major role in economy.” “There is no need to be worried. Tata group itself is a respectable group and they will solve their internal issues themselves,” Meghwal said.