Cyrus Investments Pvt. Ltd of Mistry family has now written a letter to the board of Tata Sons, objecting the proposal and terming it as "yet another weapon" to exploit the minority shareholders of the firm.
In total, Mistry family jointly owns 18.4% in Tata Sons via Cyrus Investments and Sterling Investments Pvt. Ltd.
The proposal gets okayed if 75% of the shareholders agree.
"The true effect of converting the status of Tata Sons into a private company is to introduce/reintroduce restrictions on transferability of shares which otherwise today are void and unenforceable under law and norm applicable to public companies"