ALL EYES ON STRATEGY
Under Mistry, Tata Sons ‘has taken significant steps towards deleveraging and better utilization of capital,’ Citigroup said in a client note on Tuesday, adding his absence may impact the group's future strategy and delay the ‘process of deleveraging.’
“It came as a surprise to us; nobody seemed to know anything about it," said one senior Tata Group official, adding they were informed through a memo and told the move was "unlikely to have much impact on individual companies.”
The Tata Sons Board on Tuesday inducted Dr Ralf Speth, CEO of Jaguar Land Rover, and Mr N. Chandrasekaran, CEO & managing director of Tata Consultancy Services (TCS), as additional directors. Mr Ratan Tata, Interim chairman of Tata Sons, said, “This is in recognition of their exemplary leadership in their companies.”
The Pallonji group issued a statement saying, “Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage” Tata filed caveats in the Supreme Court, the Bombay High Court and the NCLT