Overview
- Khambata’s November 10 letter, intended to be confidential and first reported by Moneycontrol, dismisses talk of a takeover as absurd.
- He argues the September discussion aimed to secure a more assertive voice on the Tata Sons board to resist any listing.
- He cites concern that an SP Group exit could pressure a listing, which he says would not serve the trusts’ interests.
- Vijay Singh’s continuation as a Tata Sons director was voted down on September 11, leaving Noel Tata and Venu Srinivasan as the trusts’ two nominees.
- He says he twice sought a unity statement backing Noel Tata’s leadership, notes limited response, and adds he previously declined Ratan Tata’s offers to be a nominee director.