Update: Cyrus Mistry, has rubbished media reports of any litigation against the Tata Group over the Monday decision.Media speculations have no basis. However, the Tata Group on Tuesday filed a caveat at multiple law forums to avoid any ex-parte order against the group that may arise after Cyrus Mistry’s ouster from the company.
Mumbai: Cyrus Mistry on Tuesday filed four caveats at National Company Law Tribunal against Ratan Tata, Tata Group and Tata Trusts.
Meanwhile, a day after the abrupt ouster of Cyrus Mistry as Tata Group chairman, Ratan Tata, who has assumed charge as interim Chairman, today asked senior management of the conglomerate’s firms to focus on their businesses without being concerned about the top level change.
Stating that his role is for short term so as to ensure stability and continuity at the group, Tata asked top executives of the USD 100 billion conglomerate to act as leaders in respective markets and focus on enhancing returns to shareholders.
“I assumed the role of the interim Chairman for stability and continuity so that there is no vacuum. This will be for a short time. A new permanent leadership will be in place,” he said while addressing managing directors and senior leaders of Tata companies at the Bombay House.
In a sudden and dramatic turn of events, Cyrus Mistry was on Monday sacked as Chairman of Tata Group and replaced by his predecessor Ratan Tata in the interim. The three-hour long Tata Group’s CEO meet concluded at 1 PM.
According to the group statement, Tata said: “The companies must focus on their market position vis-a-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow.” Referring to the ongoing initiatives in group companies, he said, “We will evaluate and continue to undertake those that are required to. If there is any change, they will be discussed with you.”
Tata left the venue without addressing the media waiting outside. Tata Sons has already announced that a Selection Committee has been constituted to choose a new Chairman, and will complete its mandate in four months.