Probe stalls transfer of Ratan Tata’s Tata Sons shares to his foundations

In its June 5 statement, Tata Trusts said, “The transaction was confirmed to be lawful, made for consideration and fully in compliance with the rules in force at the time. It was approved at appropriate levels, including by the late Mr. Nani A. Palkhivala, one of the most eminent lawyers in the country, and approved by the then Board of Directors of Tata Sons. The transfer of shares was effected through a valid transfer form duly stamped by the Registrar of Companies.”