Cyrus Mistry is replaced by Ratan Tata as Group Chairman
With filing of Caveats in Supreme Court, Bombay High Court and National Company Law Tribunal to prevent ousted Tata Sons Chairman Cyrus Mistry from getting an ex-parte order against his sacking, the Battle Royale in Tata Group has just begun.
Just a day ago Board announceed that Mistry if fired and immediately replaced by Ratan Tata, for an interim period of four months.
The Tatas don’t want any Court to pass any ex-parte orders without first hearing their side of the story.
Caveat pleads to be heard before the court passes any interim order like stay on Mistry’s sacking.
Interim Chairman Ratan Tata has asked senior management to focus on their businesses without being concerned about the top level change.
Mistry’s sudden and dramatic sacking as Chairman of India’s largest conglomerate Tata Group surprised the Business World.
The Pallonji Mistry Group of outgoing Chairman Cyrus holds around 18 per cent stake in Tata Sons which makes them the largest shareholder. Tata Trusts and some of the Tata Group companies hold the remaining stake.