Poor get poorer
As always, given the inequities built into the global economic system, the poorest people in the world have been the…
Industrialist Cyrus P Mistrynbsp;on Tuesdaynbsp;denied that he has filed any caveat pertaining to his removal as Chairman of Tata Sons.
quot;Cyrus Mistry has not filed any caveats. He has already made a statement that such concerns are misplaced at this stagequot; his office said here.
A caveat is a notice filed by a party fearing legal action and seeking to be notified before action is taken.
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The Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action his office said.
Earliernbsp;on Tuesday the Shapoorji Pallonji Group said it was quot;studying the circumstancequot; of the unexpected corporate coup.
quot;Neither the SP Group nor Cyrus Mistry has made any statement yet. While the circumstances are being studied there is no basis to media speculation about litigation at this stagequot; an official spokesperson for Shapoorji Pallonji Group said.
The company added that a public statement would be made as and when it would be necessary.
In a bolt from the blue the conglomerate Tata Sonsnbsp;on Mondaynbsp;announced its board had replaced Mistry as the company Chairman and named Ratan N. Tata as Interim Chairman of the company. Ratan Tata is Chairman Emeritus of the group.
The Board also constituted a Selection Committee to choose a new Chairman for Tata Sons comprising Ratan N. Tata Venu Srinivasan Amit Chandra Ronen Sen and Lord Kumar Bhattacharyya.
The committee set up as per the criteria in the Articles of Association of Tata Sons has been mandated to complete the selection process in four months.
Mistry 48 born in Ireland had taken over as Chairman of Tata Sons barely four years ago in December 2012.
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