Tata Sons: India's corporate crown braces for upheaval amid boardroom revolt
The Tata boardroom battle has intensified over a re-appointment of its chairman and a diktat to go public.
Tata Sons, a major Indian conglomerate, faces potential upheaval following a boardroom revolt. The board voted to reappoint N Chandrasekaran as chairman and approved a public listing of the holding company, despite opposition from Tata Trusts, which owns 66% of Tata Sons. Tata Trusts believes the decision is illegal and opposes the listing, potentially leading to a legal battle.
The company's Annual General Meeting is scheduled before December 31, but a new date has not been set. Chandrasekaran, who will turn 65 in 2028, must step down from active roles, a rule the company follows. Tata Trusts argues that a public listing would reduce control over the group, while supporters claim it would bring transparency and accountability.
The group's public listing is now seen as likely due to the RBI's rejection of Tata Sons' bid to avoid the classification.
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