File photo of Cyrus Mistry
As the board-room battle intensifies, ex-chairman of Tata Sons Cyrus Mistry is likely to up the offensive next week once the Tata group companies that he chairs come out of the mandatory silence period before their quarterly earnings.
The board of Tata Motors, which is the second biggest cash-cow in the Tata group, will meet next Monday to clear the quarterly numbers and also may discuss whether to repose faith in Mistry or not.
If the sources can be believed, that is precisely why Mistry, who was also removed last night as the chairman of the Tata Group crown jewel TCS, has upped his sleeves.
Mistry was unceremoniously sacked as Tata Sons chairman on October 24. Tata Sons is the one holding group companies.
"Mistry has been lying low because he has fiduciary responsibilities to all the companies that he chairs. He will chair the board of Tata Motors on Monday. With that he is likely to break the long silence. Come November 15, you may hear a lot from him," the source close to mistry camp, told PTI.
The source further said the Mistry camp has "enough ammunitions to counter every baseless claim" by the Tatas.
Since his ouster last month, the Tatas or Mistry has not spoken to the media. While Tatas has sent out two formal communications since then, including a 9-pager on Thursday, the Mistry camp issued one formal statement last week.
With Thursday's claims and counter-claims, there seems to be more escalation in the board room battle between the Tatas and the Mistrys who own 18.4% in the group.