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54m ago

Government Presses Tata Trusts to Resolve Power Rift as Noel Tata, Chandrasekaran Meet Shah and Sitharaman

The Centre flagged stability risks to Tata Sons against the backdrop of unresolved questions about the company’s regulatory status.

Tata group stocks remain unaffected by news of governance issue in Tata Trust group.
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Tata Trusts acrimony: Govt to intervene, meet key officials of the conglomerate

Overview

  • Noel Tata, N. Chandrasekaran, Venu Srinivasan and trustee Darius Khambata met Home Minister Amit Shah, with Finance Minister Nirmala Sitharaman joining, in New Delhi on Tuesday, according to PTI.
  • Officials conveyed that the Trusts must restore stability and keep the dispute from affecting Tata Sons’ functioning, with a message to do what it takes to contain the rift, according to multiple reports.
  • The boardroom split pits a bloc led by Mehli Mistry against Noel Tata over nominee director appointments and information rights, including efforts to vet board minutes and approve independent directors, as reported by CNBC-TV18 and others.
  • The flashpoint was a September 11 vote rejecting the reappointment of Vijay Singh as a Tata Sons nominee director, after which Singh resigned from the Tata Sons board.
  • A Tata Trusts board meeting on October 10 is expected to address governance and nominations, while the RBI continues to consider Tata Sons’ CIC deregistration request after the mandatory-listing deadline passed.