Mumbai:
After Cyrus Mistry was ousted as the Chairman of Tata Sons, Interim Chairman Ratan Tata has written a letter to PM Narendra Modi and his employees stating about the removal of Cyrus Mistry with immediate effect.
In the letter, Tata said, "A new management structure is being put in place and a selection committee has been constituted to identify the next chairman."
"The board has requested me to perform the role of the Chairman and I have agreed to do so in the interest of the company," Tata said in an another letter to employees.
He also said that the selection committee has been mandated to complete the process in four months.
Meanwhile, the Group Executive Council (GEC)set up by Cyrus Mistry has also been disbanded. The GEC, headed by Mistry, was set up in April 2013 with the objective providing strategic and operational support to him.
Soon after making public the departure of Mistry, Tata Group's website removed all the details related to the GEC, including profile of the members.
The GEC had replaced the roles earlier which were performed by the group corporate centre (GCC) and the group executive office (GEO) before Mistry took over as Chairman.
"This being a material development, the necessary disclosure is being made to the stock exchange," Tata Power said while informing the stock market.
Tata group has several listed entities, including Tata Chemicals, Indian Hotels Co Ltd, Tata Coffee, Tata Elxsi, TCS, Tata Global Beverages, Tata Investment Corporation, Tata Sponge Iron, Tata Steel and Tata Teleservices.
The Tata group comprises over a 100 operating companies spread across six continents. In 2015-16, the revenue of Tata companies, taken together, was USD 103 billion and collectively employed over 6,60,000 people.
