Sebi lens on dispute

New Delhi, Nov. 14 (PTI): The market regulator has stepped up scrutiny on developments in the escalating Tata-Mistry feud, keeping a close vigil on all disclosures being made as also the finer details of the board meetings of the listed companies of the Tata group.

The watchdog is seeking to prevent a violation of corporate governance norms and protect investors' interest, for which it has also received communications from various stakeholders, including foreign institutional investors.

Sebi is also keeping a close watch on the role of independent as well as non-executive directors.

More than two dozen companies of the over $100-billion Tata group are listed.

Since the ouster of Mistry as the chairman of Tata Sons - the holding entity of most Tata group companies - on October 24, there have been a lot of allegations between the two sides even as Mistry continues to chair the board of several companies.

Apart from checking out the finer details of various board meetings of listed group firms, the Securities and Exchange Board of India (Sebi) is also looking into representations and information provided by various stakeholders, sources added.

Among others, details of board meeting at Tata Motors - where Mistry had alleged that it was following aggressive accounting practices - are being looked into, they said.

Securities and Exchange Board of India ( SEBI )