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Tata Sons board meets split on listing and chair term
Livemint··17 Sept
The Tata Sons board meets Thursday as Noel Tata opposes listing while chairman N. Chandrasekaran faces a split over his tenure. Chandrasekaran will not seek a new term ending 20 February. The Reserve Bank of India ordered the holding company to list. Tata Trusts said on August 13 it still seeks a new chairman after he declined reappointment.
Prism
What It Means For You
- A listing order could change how investors access Tata Sons shares.
- Chair succession plans may affect governance at India's largest group.
- Trust nominees and independent directors hold competing views on both issues.
What's Happening
- Chandrasekaran told the board he would not seek another term ending 20 February.
- RBI ordered Tata Sons to list on the stock market recently.
- Noel Tata is expected to voice Tata Trusts opposition at Thursday's meeting.
RBI listing directive
- SDTT's August 13 board affirmed seeking a new chairman.
- Trusts said Chandrasekaran's decision was accepted by majority shareholders.
- Venu Srinivasan has publicly supported listing while serving as a Trusts nominee.
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