Mumbai — Tata Sons’ board has backed a fresh five-year term for Chairman N. Chandrasekaran and supported the company’s long-pending listing plan, according to a report.
NDTV Profit, citing sources, reported that Tata Trusts Chairman Noel Tata opposed both proposals and invoked his veto rights on behalf of Tata Trusts to block the resolutions.
“Sources reveal that Noel Tata, who holds veto rights on the board on behalf of Tata Trusts, disagreed with both proposals and has invoked his veto power to block the resolutions,” the report said.
The development comes weeks after the Reserve Bank of India directed Tata Sons to proceed with a listing. The RBI had classified Tata Sons as an upper-layer non-banking financial company in 2022, requiring it to list within three years.
The board discussion also comes amid months of uncertainty over the company’s leadership.
Chandrasekaran has led Tata Sons since February 2017 and was reappointed for a second five-year term in 2022. His current term is scheduled to end on Feb. 20, 2027.
Although Tata Trusts backed a third term for Chandrasekaran in 2025, discussions reportedly stalled earlier this year amid concerns raised by Noel Tata over the performance and capital allocation of businesses including Air India and Tata Digital.
In August, Chandrasekaran indicated that he would not seek another term and informed the board of his decision.
“I have completed 40 years of professional life at the Tata Group,” Chandrasekaran said in a statement.
“I am grateful for the immensely satisfying opportunity to contribute to this venerable institution. Leading Tata Sons over the past decade has been a great honour and a profound responsibility,” he added.
His announcement prompted a formal succession process by Tata Trusts and increased speculation over the future leadership of the conglomerate.
The latest board developments follow an unusual disruption at Tata Sons’ annual general meeting in August, when the meeting was deferred because of a lack of quorum, the first such instance in the company’s history.
The postponement was linked to restrictions involving the Sir Ratan Tata Trust and came amid broader debate over succession planning and Tata Sons’ future structure. (Source: IANS)
