Tata Sons Board Approves 5-Year Extension For N Chandrasekaran As Chairman
Tata Sons board has extended term for N Chandrasekaran as executive chairman of the group. The decision reveres his decision last month not to seek reappointment.
The board approved the five-year-extension of the term as board members voted in favour of the resolution approving N Chandrasekaran’s reappointment for another five years. Notably, Noel Tata voted against the resolution, opposing Chandrasekaran’s continuation. Earlier, reports said that there are disagreements between Chandrasekaran and Tata Trusts, which controls around 66% of Tata Sons.
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The move comes days after the Reserve Bank of India (RBI) rejected Tata Sons’ request to surrender its registration as a core investment company, bringing the holding company closer to a possible stock market listing under the central bank’s rules.
he differences regarding governance, capital allocation, the performance of some of the group’s newer businesses and the future ownership structure of Tata Sons led to uncertainty. The problem became more complicated because Tata Sons was facing issue over its regulatory status and the possibility of a mandatory listing.
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