Less than 24 hours after Cyrus Mistry was replaced as chairman of Tata Sons, Shapoorji Pallonji group's official spokesperson said that the speculation regarding litigation over Mistry's ouster is completely baseless at this stage.
The Pallonji group owns 18.38 percent in Tata Sons, while Tata Trusts and Tata group companies own the rest, as per the company's 2014-15 annual report.
In a surprise move on Monday, Tata Sons sacked its executive chairman Mistry and appointed his predecessor Ratan Tata as the interim chairman.
A five-member search committee, which includes Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, has been given four months to find a successor.
Ratan Tata met chief executives of Tata group companies for about 25 minutes on Tuesday, at Tata Sons headquarters in Bombay House in South Mumbai.
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