New Delhi: The ex-chairman of Tata Sons Cyrus Mistry rubbished the reports of suing the company for his sudden dismissal from the group. He said he has no immediate plans of taking legal action to challenge the decision of Tata trust.

The ousted Tata chairman issued a statement which states:

“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.”

The reports also said that Cyrus Mistry may take legal action soon.

“We are getting ready to move the high court as soon as possible — could be Tuesday or Wednesday — against this illegal decision that violates strict provisions for such sacking under the Articles of Association,” said a senior lawyer close to Mistry had told the TOI.

Tata Sons replaced Cyrus P Mistry as its Chairman and named Ratan N Tata as the interim chairman of the company. The company had consulted a number of high profile lawyers before removing Mistry form the job.

However, no reason was given for his removal.

Mistry had taken as the chairman of Tata Sons four years ago, in 2012.


For all the latest Business News, download NewsX App