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A meeting of the trustees of Tata Trusts will be held today i.e. on 10th October, after the death anniversary of Ratan Tata. This is the first board meeting after the government’s intervention on the ongoing dispute in the trust.
However, according to media reports, there is little possibility of discussion on any controversial issue related to governance or leadership of the board in this meeting.
Funds related to healthcare projects can be approved in the meeting. It is believed that after the direct intervention of the Central Government, the atmosphere of the meeting will remain calm.
Meeting held at Amit Shah’s house on 7th October
Amid the controversy over Tata Sons’ board seat, on October 7, the senior leadership held a meeting for 45 minutes at Home Minister Amit Shah’s house. According to a report, the government said that the domestic dispute should be resolved quickly, so that the company is not affected.
The meeting was attended by Home Minister Shah, Finance Minister Nirmala Sitharaman along with Tata Trusts Chairman Noel Tata, Vice-Chairman Venu Srinivasan, Tata Sons Chairman N Chandrasekaran and Trustee Darius Khambatta. Currently, there are 4 seats vacant on the board of Tata Sons.
The board includes Natarajan Chandrasekaran, Noel N Tata, Venu Srinivasan, Harish Mainwani and Saurabh Agarwal. Tata Sons’ market value as of March 2024 was ₹27.85 lakh crore. The value of the entire group is around ₹15.9 lakh crore.
Understand the entire controversy of Tata Group in 5 points
- This whole fight started from the meeting of Tata Trusts held on 11th September. In this, there was to be a discussion on re-appointing former Defense Secretary Vijay Singh as nominee director on the board of Tata Sons. But Singh did not come to the meeting. Tata Trusts has a total of seven trustees including Singh.
- After the death of former Tata Sons chairman Ratan Tata on October 9, 2024, the trusts had decided that nominee directors on the Tata Sons board will have to be re-appointed every year after the age of 75 years. 77 year old Singh was playing this role since 2012.
- This resolution of re-appointment was put forward by Noel Tata and Venu Srinivasan. But the remaining four people – Mehli Mistry, Pramit Jhaveri, Jahangir HC Jahangir and Darius Khambata flatly refused. Since these four were in majority, the resolution was cancelled.
- After this, these trustees tried to propose Mehli Mistry as a nominee on the Tata Sons board. But Noel Tata and Srinivasan stopped it. As soon as the meeting ended, Singh himself resigned from the Tata Sons board.
- The four trustees led by Mehli Mistry are associated with the Shapoorji Pallonji family. This family has 18.37% stake in Tata Sons. According to PTI, Mehli has expressed displeasure at being kept out of important decisions. The center of the dispute is the directorship positions in Tata Sons.
SP Group may sell 4-6% stake in Tata Sons
On the other hand, the path of reconciliation between Tata and Shapoorji Pallonji (SP) group also seems to be clear. High-level sources aware of recent developments are saying that Tata Trusts and Tata Sons are ready to offer 4-6% stake dilution in Tata Sons to SP Group.
If this deal is finalized, SP Group will be able to get money to repay the loan. This group is currently in debt of about Rs 30,000 crore.
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Controversy in the group after Ratan Tata’s departure: Government had to intervene, today is the first death anniversary; Know what changed from leadership
Today is the first death anniversary of Ratan Tata. He died last year on 9 October 2024 at the age of 86. After this, there have been many major changes in leadership in Tata Group. Apart from this, many controversies are going on in the group since his departure. Read the full news…
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