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2h ago

Shah and Sitharaman Meet Tata Leaders to Contain Tata Trusts Rift, Weigh Listing Path

The meeting highlights concern that a trustees' split over nominee directors could unsettle Tata Sons as regulators review its status.

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Tata Trusts acrimony: Govt to intervene, meet key officials of the conglomerate
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Overview

  • Noel Tata, N. Chandrasekaran, Venu Srinivasan and Darius Khambata met Home Minister Amit Shah and Finance Minister Nirmala Sitharaman in New Delhi, according to PTI and multiple outlets.
  • Ministers pressed for containing divisions at Tata Trusts so Tata Sons’ operations are not disrupted and reviewed options on Tata Sons’ listing versus deregistration, reports said.
  • Trustees are split between a camp aligned with Noel Tata and another led by Mehli Mistry, with the immediate flashpoint being the Sept. 11 rejection of Vijay Singh’s reappointment and his subsequent resignation from the Tata Sons board.
  • Reports cite emails and efforts to influence board appointments and minutes as governance lapses that raised fears of a small group consolidating control, even as government interlocutors urged adherence to the traditional ‘Tata way.’
  • The RBI’s Sept. 30 listing window has lapsed with no decision yet on Tata Sons’ March 2024 request to surrender its CIC registration, and a closely watched Tata Trusts board meeting is slated for Oct. 10.