Tata Sons is the principal holding firm and promoter of Tata group corporations.
New Delhi:
Tata Sons shareholders have permitted a decision to have separate chairpersons for the corporate and its largest shareholder — Tata Trusts.
An modification to the articles of affiliation (AoA) of Tata Sons, which sought to forestall a single individual heading Tata Sons in addition to Tata Trusts concurrently, was handed on the firm’s annual normal assembly (AGM) held on Tuesday.
With the particular decision being handed with requisite majority of 75 per cent on the AGM, it is going to now be legally binding for Tata Sons and Tata Trusts to have separate chairpersons.
Tata Trusts chairperson won’t be eligible for appointment as Tata Sons chairman henceforth, folks conscious of the event stated.
When reached out for feedback, a Tata Sons spokesperson declined to remark.
Tata Sons is the principal holding firm and promoter of Tata group corporations with 66 per cent of its fairness share capital held by Tata Trusts.
Tata Trusts Chairman Ratan Tata is the final individual to be the chairman of each Tata Sons and Tata Trusts, though the positions have remained separate since he retired in December 2012, as chairman of Tata Sons and was succeeded by Cyrus Mistry.
At current, N Chandrasekaran is the Chairman of Tata Sons. He took cost in February 2017, for a five-year time period and was reappointed for one more 5 years in February this 12 months.
Underneath the amended article of affiliation, a candidate for chairman of Tata Sons would wish affirmative vote of all the administrators of the corporate, whereas a range panel could be shaped to advocate appointment of a brand new chairman and likewise removing of the incumbent.
The shareholders on the AGM additionally permitted the reappointments of Ajay Piramal and Venu Srinvasan as administrators of Tata Sons, together with the appointment of Anita George as unbiased director. PTI RKL DRR
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
