1. Cyrus Mistry replaced: Ratan Tata arrives at Bombay House for Group CEOs meet

Cyrus Mistry replaced: Ratan Tata arrives at Bombay House for Group CEOs meet

Ratan Tata on Tuesday arrived at Bombay House to meet the Group CEOs after Cyrus Mistry was removed as the Chairman of the company yesterday.

By: | Updated: October 25, 2016 11:49 AM
The unceremonious dismissal of Mistry — attributed to his performance — had the backing of the Tata Trusts, which hold a commanding 66% stake in Tata Sons. The unceremonious dismissal of Mistry — attributed to his performance — had the backing of the Tata Trusts, which hold a commanding 66% stake in Tata Sons.

Ratan Tata on Tuesday arrived at Bombay House to meet the Group CEOs after Cyrus Mistry was removed as the Chairman of the company yesterday. Tata Motors, Tata Chemicals CEOs had arrived earlier for the meeting, according to ET Now. The unceremonious dismissal of Mistry — attributed to his performance — had the backing of the Tata Trusts, which hold a commanding 66% stake in Tata Sons. He, however, remains a director on the board and a committee comprising Ratan Tata, Venu Srinivasan, Kumar Bhattacharya and Ronen Sen, among others, will appoint a new chairman in four months. The Shapoorji Pallonji Group, which has a stake of 18.5% in Tata Sons, is believed to have challenged Mistry’s removal, terming it “illegal’ even as the Ratan Tata Trust is understood to have already armed itself with legal opinion from former solicitor general Mohan Parasaran. Mistry’s appointment in December 2012, had come as a surprise but there has been little to suggest so far that there were any major disagreements between him and Ratan Tata, chairman of the Tata Trusts.

Meanwhile, Ratan Tata, interim chairman of Tata Group, has written to Prime Minister Narendra Modi, informing him about the decision of the Tata Sons Board to replace chairman Cyrus P Mistry. Tata wrote to PM Modi after assuring employees of the Tata Group. “A new management structure is being put in place and a Selection Committee has been constituted to identify the next chairman of Tata Sons,” Ratan Tata informed PM Modi in the letter, adding, “The committee has been mandated to complete the process in four months,” he wrote.

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