NEW DELHI: Amid Tata-Mistry row, Tata Power today said it has discharged all legal and fiduciary obligations in connection with its Mundra Ultra Mega Power Project (UMPP). "This (Mundra UMPP) project was bid for in 2006 when the concept of a formal Risk Management Committee was not introduced and all proposals were deliberated and approved by the board," Tata Power said in a BSE filing. "All required information has been periodically given to the stakeholders and the company has complied with its obligations under the SEBI (regulations)," it said.Amid high profile feud between Ratan Tata and Cyrus Mistry , who was unceremoniously removed as Chairman of Tata Group last month, stock exchanges have sought clarifications from various group companies, including Tata Power, after purported disclosure of around $ 18-billion possible writedown at the firms.In response to clarification sought by BSE, Tata Power had said it has always made all relevant disclosures.With regard to comments purported to have been made by Mistry about the company's Mundra UMPP, Tata Power had said, "the company has always made all relevant disclosures, as required, and has no further comments to offer".In a letter, Mistry had said that Tata Power aggressively bid for the Mundra project based on low-priced Indonesian coal but as regulations changed, "the losses in 2013-14 alone amounted to Rs 1,500 crore". "This adversely impacted Mundra as well as other bid-out imported coal based projects. This matter has been in the public domain since last four years...the matter has been covered in our annual report...a provision was built up for a impairment eventually aggregating to Rs 2,650 crore," it added.

Source: Economic Times November 02, 2016 10:55 UTC