Tata has replaced Cyrus Mistry with Ishaat Hussain as interim chairman of the company.
“Hussain shall hold office as chairman of the company until a new chairman is appointed,” Tata said, according to Reuters.
Tata Sons, the holding company for the Tata Group, launched an attack today against Mistry, criticising his performance and removing him as head of the group’s flagship business.
In a nine-page statement, Tata accused Mistry of trying to take control of one of the company’s units and creating distance between the promoter, Tata Sons, and its group companies.
It also blamed him for nearly causing losses and eroding shareholder value.
Tata Sons owned a 73.26% stake in Tata Consultancy Services, part of the software conglomerate Tata Group, as of 30th September, according to Reuters.
In October, Mistry was ousted as chairman of Tata Sons in a surprise move, and was replaced by Ratan Tata as interim chairman.
The Tata Sons board has already suffered two major setbacks, as the board of Indian Hotels last week, and that of Tata Chemicals on Thursday, both backed Mistry, saying he would remain chair of those group companies.