 "In this file photo of Cyrus Mistry whom Tata Sons on Monday removed as its Chairman, nearly 4 years after he took over the reins of the group.")
On Day 3 of India Inc’s biggest boardroom drama, Tata Group’s former chairman Cyrus Mistry paid a visit to Bombay House on Wednesday giving rise to speculations on the ousted chairman’s possible reasons for the visit.
Mistry was spotted entering Tata group’s headquarters called Bombay House in Mumbai on Wednesday morning. The recently replaced former chairman spent couple of hours at the head office.
The agenda for Mistry’s visit to Bombay House was not clear. Interestingly, the group’s interim chairman Ratan Tata was not present at the head office during the span of Mistry’s visit on Wednesday.
On Monday evening, Tata Sons, the holding company of the $103-billion Tata group, said its board of directors had removed Mistry, as chairman of the conglomerate and named Ratan Tata, chairman of Tata Trusts, the largest shareholder in Tata Sons, as interim chairman for four months. In its release, Tata Sons did not state any specific reason for the ouster. The board also constituted a new committee which has been mandated to find a new chairman in four months time.
The ouster has also led to a fresh legal battle between Mistry and the Tatas. The Tata group has filed caveats in the Supreme Court, Bombay High Court and the National Company Law Tribunal against Mistry moving for relief against his ouster as Chairman.
On Tuesday, the new interim chairman also addressed the chief executive officers (CEO)s of various Tata companies assuring it is business as usual for the group.
Cyrus Mistry took over as the chairman of Tata Sons in 2012, replacing Tata, who stepped down after 21 years at the helm.
