Business
Noel Tata files 21 caveats on Tata Trusts complaints
Livemint··1 Oct
Tata Trusts chairman Noel Tata filed 21 caveats and his son Neville filed 15 with Maharashtra's charity commissioner, Mint reported. The filings seek hearings before action on vice chairman Venu Srinivasan's 29 September complaint on Sir Dorabji Tata Trust management. Tata Trusts hold 65.9% voting power in Tata Sons ahead of a shareholder meeting now due by 18 November.
Prism
What It Means For You
- Caveats aim to block adverse orders without Noel being heard before Tata Sons votes.
- Chandrasekaran's five year chairman reappointment faces Noel's opposition at the AGM.
- A May charity order had barred Sir Ratan Tata Trust from meetings after trustee cap claims.
What's Happening
- Srinivasan asked the commissioner to maintain status quo on SDTT board numbers.
- He sought Noel's recusal from votes on SDTT representatives at Tata Sons meetings.
- Seven shareholding trusts own stakes in Tata Sons under the Tata Trusts umbrella.
Trusts and Tata Sons Votes
- SDTT owns 27.98% of Tata Sons and Sir Ratan Tata Trust owns 23.56%, the report said.
- August's planned 18 August AGM failed on lack of quorum, extending the deadline.
- Lawyer H.P. Ranina said the dispute may end in prolonged litigation over control.
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