The fight between Ratan Tata and Cyrus Mistry could soon see a truce as peace talks between the two sides could be underway, according to sources.
The teams of Ratan Tata and Cyrus Mistry met on Thursday morning at the Taj Colaba in Mumbai, witnesses said. It is not clear if Ratan Tata and Cyrus Mistry were also present in the meeting.
The two sides are trying to work out an amicable settlement, and the modalities of the settlement will be worked out in coming days, sources said.
Mistry, meanwhile, skipped the Tata Sons' board meeting at the Bombay House which took place later during the day.
The board discussed plans for the next six months including capital investments and repayments.
The board includes Ratan N Tata, Nitin Nohria, Venu Srinivasan, Ajay Piramal, Amit N. Chandra, Vijay Singh, Farida Khambata among others.
The board of Tata Global Beverages (TGB), formerly Tata Tea, voted on Tuesday to remove Cyrus Mistry as the chairman, making it the second major Tata Group company after TCS to do so. As expected, Mistry lashed out at the decision, dubbing it as "inaccurate and illegal".
Mistry is also the chairman of Tata Teleservices, Tata Power and Indian Hotels. At the Tata Teleservices board meeting recently, the 'vote of confidence' issue hasn't come up, while the independent directors on the board of Indian Hotels have backed Mistry.