Cyrus Mistry, the ousted chairman of Tata Sons, has said that there is no basis to the speculation about litigation against his removal at this stage while newly -appointed interim chairman Rata Tata announced that a new permanent leadership will be in place at the salt-to-software conglomerate.
"Neither the SP (Shapoorji Pallonji) Group nor Mr Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage. As and when a public statement becomes necessary, it would be made," PTI quoted a statement issued on behalf of Mistry.
Mistry was removed as the Chairman of Tata Sons by the board after market hours on Monday. Tata Sons is the holding company for India's largest business conglomerate, the Tata group, which owns firms like Tata Consultancy Services, Tata Motors and Tata Steel. The board appointed Ratan Tata as the interim Chairman.
Meanwhile, Ratan Tata said on Monday that group companies must focus on market position and that he looked forward to working with them.
"The companies must focus on their market position vis-à-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow," Ratan Tata told managing directors and senior leaders of Tata group companies, according to a company statement.
"This will be for a short time. A new permanent leadership will be in place," Tata said.
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