Salt to Software Conglomerate, TATA Sons Company seem to be in some sort of trouble. The other day, the Company’s Board decided to replace the existing Chairman, Cyrus Mistry. Ratan Tata was brought back as the interim Chairman for the next four months and also a selection committee was appointed to find Pallonji Cyrus Mistry’s replacement.
The reason for this replacement is not known. On the other side, Reports are coming up that Mistry is going to approach the High Court over this removal. The outgoing Chairman says he was not at least consulted before taking the decision. This is the first such controversy over the Prestigious Company in years. This episode had its repercussions on Stock Markets as well.
Stocks those in particular of Tata Group crumbled. Buzz is that several decisions of Pallonji Mistry including the selling of Steel Business in Europe and several structural changes in various Tata Companies did not go well with Ratan Tata. Some key advisers of Mistry were also shown the door along with him.
