Cyrus Mistry to step down as Tata Group Chairman

Cyrus Mistry is stepping down as the Chairman of the Tata Group of companies. According to television reports, Tata Sons is replacing him the head of the group.

The reports add that Ratan Tata is coming back and has been named as interim Chairman. A committee to announce the new chairman has also been set up.

Mistry is the scion of the Shapoorji Pallonjio Group, which holds as much as 18 per cent in the Group. He has taken over as chairman in December 2012, succeeding Ratan Tata, who was made chairman emeritus of the group