Ratan Tata writes to group’s employees, says back for stability. Read the full letter here

Ratan Tata, who has comeback as interim Chairman of Tata Sons for four months, wrote to employees saying he was back in the interest of stability.

This move came after Cyrus Mistry was removed as the Chairman of Tata Sons. A selection committee has been formed to appoint a new Chairman and various names such as Indra Nooyi, Noel Tata, etc are doing the rounds.

"Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today," Tata Sons stated.

Mistry, 48, took over as Tata Sons Chairman in 2012, becoming the first chief of the group from outside the Tata family.

There were no reasons given for the change of leadership of Cyrus Mistry who had been brought in with much fanfare. But it is believed that Tata Sons was unhappy with Mistry's approach of shedding non-profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows.

The turnover of India’s largest conglomerate dropped to $103 billion in 2015-2016 from $108 billion the previous year. Net debt rose to $24.5 billion in March 2016 from $23.4 billion a year ago.

Meanwhile, Ratan Tata told the group’s employees he had agreed to serve as interim Chairman in reassurance to the Tata Group.

Here’s the full letter: