Tata Sons’ board has backed a fresh five-year term for executive chairman N Chandrasekaran and steps to comply with RBI requirements that could lead to a public listing, deepening a dispute with Tata Trusts chairman Noel Tata. The Trusts, which own about 66 per cent of the company, have challenged the reappointment and say they have not agreed to a listing.
The September 17 decisions put the spotlight on who can shape the future of the Tata Group’s holding company. The Trusts hold the majority of its shares, the board has backed Chandrasekaran, and the Reserve Bank of India’s decision has increased pressure to address the listing requirement. The Shapoorji Pallonji Group, the second-largest shareholder, supports taking Tata Sons public.
