The Tata Group has unexpectedly replaced Cyrus Mistry as chairman of the company. Ratan Tata has been named as interim chairman while a selection committee finds a permanent replacement.
The company was led by Mistry in late December 2012. He was the first chairman appointed outside the family.
No details have been given as to why the board decided to make such change.
Previously Ratan Tata was in charge of the company for more than two decades, which was later replaced by Mr Mistry who was appointed more than a year ago before Mr Tata retired.
Tata Sons are one of India’s oldest conglomerates which are made up of more than 100 companies.
If rumours are to be believed, the decision to replace Cyrus Mistry was ‘performance based’.
Another report suggests that over last 6 months there had been serious differences between Ratan Tata and Mistry.