The board of Tata Sons has shocked corporate India by sacking Cyrus Mistry as chairman four years into the job as Ratan Tata emerged from retirement to wrest back control of the group that bears his family name. The unprecedented move could spark a battle between two of Mumbai’s oldest business families, which share close ties — the Mistrys own about a fifth of Tata Sons, the group holding company.
Tata Sons has said that a selection committee will choose a permanent replacement for Cyrus Mistry in the next four months. Tata, 78, who quit in 2012 after more than 20 years in charge, will serve as interim chairman of India’s biggest conglomerate during that period. Mistry, 48, remains a Tata Sons director.