Tata Trusts Calls Tata Sons Chairman's Reappointment 'Illegal', Warns Against IPO
MT Newswires Live
Yesterday
Tata Trusts, the 66% majority shareholder of Tata Sons, has opposed the board's decision to reappoint Chairman N. Chandrasekaran for another five-year term, labeling the move "illegal," according to a Thursday statement.
Chandrasekaran had earlier decided not to offer himself for reappointment upon the conclusion of his current tenure in February 2027.
The dispute also centers on the board's separate approval to initiate a public listing to comply with Reserve Bank of India shareholding guidelines.
Tata Trusts Chairman Noel Tata, in a separate statement, said the company should explore alternatives and warned that an IPO would "destroy" the character of the Tata Group.
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