Cyrus Mistry's removal illegal, says Shapoorji Pallonji Group
Just hours after the sacking of Tata Sons' Chairman Cyrus Mistry, Shapoorji and Pallonji Group has termed his removal as illegal, according to an ET Now alert.
The Group company sacked the Chairman without giving any prior notice. This could result in the company looking at its legal options as a result.
Mistry was earlier the Managing Director of Shapoorji Pallonji Group and is the youngest son Indian construction magnate Pallonji Mistry.
Tata Sons Chairman, Cyrus Mistry has been showed the door on Monday. Its Board has now named Ratan Tata as Interim Chairman of the Group.
In a statement, the company said, "The Board has constituted a Selection Committee to choose a new Chairman. The Committee comprises Mr. Ratan N. Tata, Mr. Venu Srinivasan, Mr. Amit Chandra, Mr. Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months".