Tata Sons: India's corporate crown braces for upheaval amid boardroom revolt
The meeting has to take place before 31 December as per reports, after the previous one was adjourned for lack of quorum, but no new date has yet been announced. "The Nomination and Remuneration Committee (NRC) of the Board of Tata Sons which reappointed him has no power to take this decision. Also, their decision flies against the governance code of the company that requires executives to step down from active roles at 65.
- ▪The meeting has to take place before 31 December as per reports, after the previous one was adjourned for lack of quorum, but no new date has yet been announced.
- ▪"The Nomination and Remuneration Committee (NRC) of the Board of Tata Sons which reappointed him has no power to take this decision.
- ▪Also, their decision flies against the governance code of the company that requires executives to step down from active roles at 65.
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Tata Sons: India's corporate crown braces for upheaval amid boardroom revoltPublished40 minutes agoByNikhil InamdarBBC News, MumbaiImage source, Getty Images and ReutersImage caption, Noel Tata (l) and N Chandrasekaran (r) are at the centre of the feudThis week, the board of Tata Sons - one of India's oldest conglomerates and owner of iconic British brands such as Jaguar Land Rover and Tetley Tea - defied its largest shareholder, Tata Trusts, by reappointing N Chandrasekaran as chairman and backing a public listing of the holding company.Tata Trusts, which owns 66% of Tata Sons called the decision "illegal" under its articles of association and also opposed the listing, setting the stage for a period of prolonged upheaval and possibly a protracted legal drama at Bombay House, the…
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