The arrested have been sent to judicial custody till November 11, Mumbai police spokesperson Ashok Dudhe said.
The attack occurred yesterday following a scuffle when ousted chairman Cyrus Mistry had arrived to chair the board meeting of Indian Hotels, that runs the group's Taj brand of hotels, to approve the second quarter earnings.
The scuffle had started as soon as Mistry, who is the chairman of IHCL, arrived at the Tata group headquarters to chair the board meeting, and standing photographers went beyond the cordoned off area to click his pictures.
Mumbai Press Club had condemned the attack and had demanded arrest of the guards involved in the scuffle.
"We strongly condemn the brutal attack on news photographers at the Bombay House," Press Club secretary Dharmendra Jore had said in a statement.
A Tata Group spokesperson had apologised for the incident saying, "Whatever happened, should not have happened.