Mumbai, Oct 25:
A day after Cyrus P. Mistry was voted out as Chairman of Tata Sons, the Shapoorji Pallonji Group said on Tuesday that it was “studying the circumstances” of the unexpected corporate coup.
Mistry has not reacted officially on the development leading to his removal from Tata Sons, though speculation was rife over his next course of action.
“Neither the SP Group nor 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,” an official spokesperson for Shapoorji Pallonji Group said.
The company added that a public statement would be made when necessary.
In a bolt from the blue, the Tata Sons conglomerate on Monday announced its board had replaced Mistry as the company Chairman, and named Ratan N. Tata as Interim Chairman.
The Board also constituted a Selection Committee to choose a new Chairman for Tata Sons comprising Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya.
The committee, set up as per the criteria in the Articles of Association of Tata Sons, has been mandated to complete the selection process in four months.
Mistry, 48, born in Ireland, had taken over as Chairman of Tata Sons barely four years ago, in December 2012.