Cyrus Mistry has finally broken silence on his ouster as Tata Sons' Chairman.
Mumbai: Cyrus Mistry has finally broken silence on his ouster as Chairman of Tata Sons.
The press statement issued on Tuesday said, "Events of the past 24 hours obviously involve an element of sensitivity if not surprise. They need time for being assessed. As and when a public statement becomes necessary, it would be made."
"Neither the SP Group nor Mr Cyrus Mistry has made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage."
Meanwhile, Tata group has played safe. As per The Economic Times, Tatas filed caveat in multiple law forums to avoid any ex-parte order against the group that may arise from this ouster.
Some reports attributed to a senior lawyer close to Mistry appeared on Monday that his elimination was against the norms of the Articles of Association of Tata Sons, and that Mistry is likely to challenge his ouster in Bombay High Court.