The board also decided to raise Rs 7,000 crore by selling bonds. This amount will be used to refinance the company's debt, invest in securities and provide loans to companies.
The promoter of the major operating Tata companies said it is bringing out "key facts" that resulted "in the loss of confidence" in Mistry and leading to his removal.
In a statement, Mistry's office also denied that his sacking was preceded by various attempts to discuss with him.
Tata Sons on Thursday appointed Ishaat Hussain as Chairman of Board Of Directors after Cyrus Mistry was ousted as the holding company's Chairman.
In the previous regime under Ratan Tata, he says minority shareholders did not make wealth. But under Mistry, there was a focus on maximising stakeholder wealth.
"Dr Ralf Speth, CEO of Jaguar Land Rover, and Mr N Chandrasekaran, CEO & Managing Director of Tata Consultancy Services (TCS), have been appointed as Additional Directors on the Tata Sons Board," the company said in a statement.
Tata companies and Uber Technologies Inc. today announced a new partnership to offer driver partners on the Uber platform a comprehensive vehicle purchase and ownership solution.
A team of Tata executives, led by Chairman Cyrus P Mistry, met with Jiang Jianqing, Chairman from ICBC and his team to formalise the engagement.
"The quality of the rally is a little worrying as beaten down names such as Jaiprakash and Lanco Infra are the stars of this rally," says Ajay Srivastava, CEO of Dimensions Consulting