Tata Group chairman Ratan Tata on Tuesday told the company’s top executives, “it’s business as usual and it’s time to build the group together,” a day after the firm’s decision to oust Tata Sons head Cyrus Mistry. The decision to push Mistry out has had a massive fallout, with Tata’s shares falling and the company anticipating legal action by the former executive. Ratan Tata has taken over Mistry’s post temporarily, the company said.

According to Business Standard, Tata told the conglomerate’s chief executive officers to focus on improving their place in the market, rather than focusing on the past. “The drive must be on leadership rather than to follow,” Tata is believed to have said. Most of the CEOs at the meeting had not been told that Mistry was going to be removed from his position, and found out through the news. Tata did not give them reasons for the board’s decision.

"We will evaluate and continue to undertake those [steps] that are required. If there is any change, they will be discussed with you,” Tata told the executives, according to The Times of India. He also asked them to concentrate on their own businesses and not concern themselves with the changes in the company.

The decision to remove Mistry was taken at a board meeting of Tata Sons, during which a selection committee was also formed to choose the next head of the holding company. A spokesperson said that the company's board and principal shareholders had made the decision believing that it would be "appropriate in the long-term interests of Tata Sons and the Tata Group".

On Tuesday, Mistry's office denied reports that he had filed four caveats in various courts against Ratan Tata, the Tata Group and Tata Trusts. His office further confirmed that the Tatas had filed caveats of their own seeking a notice from Mistry "fearing legal action" against their move to dismiss him from the post after four years. A caveat is a preventive measure that disallows courts from hearing matters without both parties being notified about them first.