Act as market leaders, focus on businesses: Ratan Tata tells top executives

A day after Cyrus Mistry was removed as Chairman of Tata Sons, India's largest conglomerate, Ratan Tata on Tuesday asked leaders of group companies to focus on their businesses.

"My appointment is for short-term and the new leadership will be in place soon. I have assumed role of interim chairman for stability and continuity so that there is no vacuum," Tata said in a statement.

Asking CEOs of group companies to focus on their businesses without being concerned about the change in the top leadership, Tata said "Act as leaders in respective markets and focus on enhancing returns to shareholders."

In a dramatic turn of events, Mistry was on Monday sacked as chairman and replaced by his predecessor Tata, from whom he had taken over in December 2012.

The Tata Sons board also named a five-member search committee, including Tata himself, to choose a successor within four months.

On Tuesday, Shapoorji Pallonji, which is controlled by Cyrus Mistry's family and is the single largest shareholder after two Tata-controlled trusts, said it is studying the "circumstances" but has not yet decided on litigation to challenge Mistry's ouster.