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regular-article-logo Friday, 22 November 2024

Noel Tata likely to join Tata Sons board

Venu Srinivasan of the TVS group and former defence secretary Vijay Singh are the two other nominees of Tata Trusts on the board of Tata Son

Our Special Correspondent Mumbai Published 18.10.24, 10:41 AM
Noel Tata

Noel Tata The Telegraph

The board of trustees of Tata Trusts are understood to have recommended Noel Tata to the Tata Sons board as their third nominee.

Informed sources said the board unanimously nominated Noel Tata at a meeting on Thursday.

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There was no official comment from the Tatas.

Venu Srinivasan of the TVS group and former defence secretary Vijay Singh are the two other nominees of Tata Trusts on the board of Tata Son.

The Tata Trusts hold close to 66 per cent in Tata Sons, which is the principal holding company of the Tata group.

Noel Tata was appointed last week as the chairman of Tata Trusts.

The low-profile but successful business leader, who is the half-brother of Ratan Tata, will lead all the trusts that are part of the Tata Trusts umbrella.

These include the two primary trusts — Sir Ratan Tata Trust and Sir Dorabji Tata Trust. The two trusts own more than 50 per cent of Tata Sons.

The board of Tata Sons is expected to meet to consider inducting Noel Tata.

While Noel Tata can be a director, he cannot become the chairman of Tata Sons, a post held by N. Chandrasekaran.

On August 30, 2022, a special resolution was passed at the Tata Sons’ AGM which amended Article 118 of the Articles of Association by adding a proviso that said “a person who is the chairman of either the Sir Dorabji Tata Trust or the Sir Ratan Trust or both will not concurrently be eligible to be the Chairman of the Board of Directors (of Tata Sons)”.

While Noel Tata is on the boards of few other Tata group firms such as Trent, Voltas and Tata International, it is not clear if he will step down from them.

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