In a major development on Tuesday, Cyrus Mistry will move Bombay High Court against his removal as Chairman of the Tata Group.
In a sudden and surprising development, the Tata Group, led by holding company Tata Sons, announced on Tuesday in a media statement that Cyrus Mistry is being replaced as chairman and that former chairman Ratan Tata will take over as interim chairman.
Meanwhile, Ratan Tata has penned a letter to Prime Minister Narendra Modi informing the change in the top management of Tata Group.
“A new management structure is being put in place and a Selection Committee has been constituted to identify the next chairman of Tata Sons,” Tata informed PM Modi in the letter.
“The committee has been mandated to complete the process in four months,” he added.