No decision yet on legal recourse to Cyrus Mistry ouster: Shapoorji Pallonji
In a dramatic development Cyrus Mistry was replaced by Ratan Tata, from whom he had taken over the reins.
A day after its nominee Cyrus Mistry was ousted as Chairman of Tata Group, Shapoorji Pallonji on Tuesday said it is studying the "circumstances" and has not yet decided on taking legal recourse.
The single largest shareholder with 18.4% stake in Tata Sons - the holding company of Tata Group, Shapoorji said it will make a statement on the course of action it chooses when such a thing becomes necessary.
"Neither the SP Group nor Mr Cyrus Mistry have made any statement yet. While the circumstances are being studied, there is no basis to media speculation about litigation at this stage. As and when a public statement becomes necessary, it would be made," the construction group said in an emailed statement.
In a sudden and dramatic turn of events, Mistry wason Monday sacked as Chairman of India's largest conglomerate Tata Group.
He has been replaced by his predecessor Ratan Tata in the interim, a development that can trigger a confrontation between the single-largest shareholder and the company's founding family.