Chairman Cyrus Mistry, 48, has been replaced by Ratan Tata today. The news has shocked the corporate world as its ramifications are huge considering the size of the extremely respected $108 billion-business house. According to the succinct Tata Group statement, \u201cThe board has named Ratan N Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman. The committee comprises Ratan N Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Kumar Bhattacharyya." Mistry, born in Ireland, occupied the post of the chairman for 4 years - since 2012. A Tata Sons spokesperson added, "The company's board and the principal shareholders. took this decision, which they thought may be appropriate in the long term interest of Tata Sons and the Tata Group." Mistry, is the youngest son of Pallonji Mistry, who heads the Shapoorji Pallonji group (a construction, real estate major), which is the biggest shareholder in Tata Sons with an 18 percent stake. Ratan Tata will come out of retirement to helm the company he ran for decades again. Stay tuned to this space for LIVE UPDATES on the issue: 10.15 pm: Cyrus Mistry to move Bombay High Court against his removal.09.37 pm: Ratan Tata writes to Prime Minister Narendra Modi informing change in the top management of Tata Group. 09.35 pm: Economist Mohan Das Pai says he's shocked and surprised by this move. He adds that Mistry could have saved his face by resigning himself. 09.10 pm: Senior journalist Ajay says that Ratan Tata met Cyrus Mistry ahead of the meet. 09.04 pm: Everyone in TATA respects Ratan Tata, he has got trust of people: Seth 09.02 pm: Ratan Tata's returning as chairman is a step in right direction, says Suhel Saith. 09.00 pm: Committee mandated to complete selection process within four months: Reports Also read:\u00a0Cyrus Mistry replaced as Tata Group chairman: All you want to know about Tata Sons that took the decision 08.30 pm: Ratan Tata to meet Tata Companies CEOs and 2 top GEC members tomorrow: Reports 08.00 pm: Shapoorji Pallonji group might contest the decision remove Cyrus Mistry, reports CNBC-TV 18 quoting sources. 7.45 pm: Ratan Tata to employees: I have taken over as the chairman in the interest of stability and reassurance. Also Read | Why did Tata Group replace Cyrus Mistry as the chairman? 7.24 pm: Shapoorji Pallonji group says Cyrus Mistry removal from Tata Sons is illegal. Threatens to contest the decision. 7.00 pm: Former Infosys veteran Mohandas Pai told ET Now that bringing back Ratan Tata not a positive step. He said, \u201cIt is worrisome for many investors who are following Tata Sons. I really don\u2019t know why Cyrus Mistry resigned, he had got many changes in Tata Sons. It is difficult to change the course of such a big group. Tatas stood for high values and suddenly a chairman who was appointed 4 years back resigns, signals a worrisome story.\u201d Also Read | Cyrus Mistry replaced by Ratan Tata as Tata Group chairman: Tata stocks may see knee-jerk reaction on Tuesday 6.50 pm: Respected author and commentator Gurucharan Das said, \u201cIt is not good to have surprises for such a large group. Shareholders get nervous. But I think there should be some clarification over the move.\u201d Also Read | Cyrus Mistry replaced by Ratan Tata as chairman: Tata Group sought legal opinion; Shapoorji Pallonji questions move 6.30 pm: However, economist Lord Meghanand Desai welcomed the move by saying that a break up of the current Tata Group structure is required. WATCH VIDEO [jwplayer 2lsbuOgi] 6.15 pm:\u00a0 A source quoted by PTI revealed, "In the long term interest of Tata Sons and the Tata Group, the principal shareholders - Tata Trusts suggested to the Board of Tata Sons that it would be appropriate to look for a change and look forward".