Cyrus Mistry, the ousted chairman of Tata Sons, has started the process of shifting out of Bombay House, which is the headquarters of the Tata Group. The move follows Mistry's abrupt sacking as the chairman of the $103 billion conglomerate last Monday.
"The physical shifting process has started," a senior Tata Group executive confirmed to the Hindu. He also added that the ousted chairman's belongings were being removed from his office and the process is believed to end by Monday evening.
Mistry's personal staff is relocating his files and books from the chairman's office, which is located on the fourth floor in the East wing of Bombay House. Mistry reportedly shifted to Bombay House in 2011 when he was appointed as the deputy chairman of Tata Sons. For one year, Mistry was "groomed" by Ratan Tata regarding the functioning of the Tata Group of companies.
Cyrus Mistry was appointed chairman of Tata Sons on December 28, 2012.
According to sources quoted by the publication, Mistry was supposed to retain the chairmanship for a long run (until his retirement i.e. for a period of three decades). However, his sudden ouster from the company has left India Inc shocked.
In the days following his ouster, the Cyrus Mistry- Rata Tata row has only gotten murkier with allegations flying both ways. According to media reports, the Enforcement Directorate (ED) will probe into Mistry's allegations related to fraudulent transactions and mismanagement of the Tata Group's aviation ventures.
In a letter addressed to the Tata board, Mistry had alleged that he had opposed to Tata's aviation partnership with Malaysian-based AirAsia Bhd. "A forensic investigation had found fraudulent transactions of 220 million rupees ($3.29 million) involving non-existent parties," Mistry's said.
Following Mistry's removal on the basis of his non-performance, Ratan Tata was named the interim chairman of the Tata Group.