With the unceremonious exit of Cyrus Mistry from the chief chair of Tata Sons, media speculations were abuzz with reports of Tata Group trying to rope in sovereign wealth funds in the event of his billionaire father who owns 18.5% stake in the group wanting to disinvest.
However, a report in Times of India said that Cyrus Mistry's family has no plans to sell its 18.5% stake in Tata Sons, nor has it been approached by any potential investors.
The Mistry camp has hinted that Cyrus is preparing for a long-drawn battle with new regime, "to prevent a small group of people from threatening the organisational structure of the House of Tata"
"We don't know what tomorrow has in store for us. Cyrus may or may not win the war. Let's see what happens," TOI quoted an insider as saying.
Cyrus'legendary father Pallonji Mistry is troubled by his failing health, so the decision to take a call on the issue is left to his two sons Cyrus and his brother Shapoor, report says.
He said there had been no internal discussion about the future of the family's economic interest in Tata Sons, which is estimated to be worth over Rs 1 lakh crore.
Mistry, who was removed as chairman of the group holding company on 24 October in boardroom coup, is still chairman and non-executive director of Tata Motors Ltd, owner of Jaguar Land Rover; Tata Steel Ltd, Tata Power Co. Ltd, Indian Hotels Co. Ltd, and many other group companies.
A PTI report on Thursday said Mistry had no plans to step down as chairman from any of the group companies.of the people cited in this report earlier.
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