ADVERTISEMENT

No Basis For Media Speculation On Litigation Over Cyrus Mistry’s Exit: Shapoorji Pallonji Group

Media speculation about litigation is completely baseless: Shapporjo Pallonji 

Ratan Tata, now the interim chairman of Tata Sons walks towards Bombay House in Mumbai (Photographer: Vishal Patel/BloombergQuint)
Ratan Tata, now the interim chairman of Tata Sons walks towards Bombay House in Mumbai (Photographer: Vishal Patel/BloombergQuint)

Less than 24 hours after Cyrus Mistry was replaced as chairman of Tata Sons, Shapoorji Pallonji group’s official spokesperson said that the speculation regarding litigation over Mistry’s ouster is completely baseless at this stage.

No Basis For Media Speculation On Litigation Over Cyrus Mistry’s Exit: Shapoorji Pallonji Group

The Pallonji group owns 18.38 percent in Tata Sons, while Tata Trusts and Tata group companies own the rest, as per the company’s 2014-15 annual report.

No Basis For Media Speculation On Litigation Over Cyrus Mistry’s Exit: Shapoorji Pallonji Group

In a surprise move on Monday, Tata Sons sacked its executive chairman Mistry and appointed his predecessor Ratan Tata as the interim chairman.

A five-member search committee, which includes Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, has been given four months to find a successor.

Ratan Tata met chief executives of Tata group companies for about 25 minutes on Tuesday, at Tata Sons headquarters in Bombay House in South Mumbai.