Tata Sons defers N Chandrasekaran's 3rd term decision after Noel Tata's conditions
India Today
N Chandrasekaran's term ends in February 2027, and the board of Tata Sons was discussing extending the same when a set of conditions was put forth by Noel Tata.
The board of Tata Sons on Tuesday deferred a decision on the re-appointment of Natarajan Chandrasekaran for a third term as Chairman, according to sources, signalling potential differences within the holding company of the coffee-to-cars-and-software conglomerate.
According to sources, Noel Tata, the chairman of Tata Trusts, which owns two-thirds of the corporate grouping, set a slew of conditions for the reappointment of Chandrasekaran, which ultimately led to the decision being deferred.
Chandrasekaran's term ends in February 2027, and the board of Tata Sons was discussing extending the same when a set of conditions was put forth by Noel Tata, sources said.
They said Noel Tata raised concerns about losses in certain group companies, and the conditions also include the addition of debt by Tata Sons, which would invite a situation where the group is forced to list on bourses.
Sources said Noel Tata was also not in favour of the listing of Tata Sons and wanted a written commitment.
The meeting, held at group headquarters Bombay House, was a long one, and the agenda item on reappointment was discussed at length, the sources said, adding that none of the four other directors, including Venu Srinivasan, Harish Manwani, Anita George and Saurabh Agrawal, had any issues with it.
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