The ongoing corporate battle involving India's biggest corporate house — Tata Group — kept rumour mills busy on Tuesday, with the latest being the Tata Group filing caveats against ousted Tata Sons chairman Cyrus Mistry so that he does not get any ex-parte order by the courts against his removal.
The caveats have been filed in the Supreme Court, the Bombay High Court and the National Company Law Tribunal, according to the BusinessLine.
On the other hand, 48-year-old Mistry dismissed reports that he has filed similar caveats against Ratan Tata, Dorabji Tata Trust, Tata Sons and the Tata Group with the Tribunal.
"A caveat is a notice filed by a party fearing legal action seeking notice before action. Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats," his office said in a statement.
The day saw Tata Group stocks largely falling, but not by a margin that was being speculated. The biggest drop among stocks that are part of the Sensex was in Tata Steel, which closed 2.51 percent at Rs 415.50, while TCS and Tata Motors ended with minor losses on the Bombay Stock Exchange.
It is a Narayan Murthy moment for 78-year-old Ratan Tata, who handed over the leadership to Mistry in December 2012 after 21 years, only to return four years later. A similar episode was played out by Infosys when it recalled Narayan Murthy in June 2013.
Ratan Tata, who has replaced Mistry as the interim chairman of Tata Sons, asked Group CEOs and Managing Directors to focus on work.
"The companies must focus on their market position vis-à-vis competition, and not compare themselves to their own past. The drive must be on leadership rather than to follow," he said in his communication to the executives.
Seeking to allay misplaced fears over potential changes after the rejig at Tata Sons, he said, "We will evaluate and continue to undertake those that are required to. If there is any change, they will be discussed with you."