Soon after a PTI report claimed that Cyrus Mistry has filed caveats against Ratan Tata, the Tata Group and Tata Trusts in NCLT, Cyrus Mistry’s office has denied any such move. According to various news channels, Cyrus Mistry’s office has clarified that no caveats have been filed, as yet. Earlier, it had also been reported that Tatas on their part have filed a caveat in the Supreme Court, High Court and NCLT to prevent Cyrus Mistry from getting ex-parte order against his sacking.
Cyrus Mistry had in December 2012 become the sixth chairman of the Tata Group, replacing Ratan Tata. Mistry had been the director of the company since 2006. Mistry was earlier managing director of the Shapoorji Pallonji Group. 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.
Mystery surrounds the sudden decision by Tata Sons Board, but the analysts consensus is that Mistry’s sacking relates to performance-based issues. Meanwhile, Ratan Tata met Tata Group CEOs earlier in the day and told them to not read too much into the speculations. He said that the group would continue to focus on its core values and strengths. Pepsico’s Indra Nooyi and Tata International MD Noel Tata have emerged as contenders for the post of Tata Group Chairman, reported CNBC-TV 18. Tata Sons Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.