Industry Odisha, August 31: Amid the ongoing deadlock with regard to formally choosing the best successor for the coveted post of Tata Sons’ next chairman, media reports have claimed that top executives of the Tata Trusts have urged the Maharashtra Charity Commissioner to resolve the deadlock.
As per media reports, “Tata Trusts’ chief Noel Tata and two trustees – Darius Khambata and Jehangir HC Jehangir of Sir Ratan Tata Trust (SRTT) – have formally requested permission from the Maharashtra Charity Commissioner to nominate a member for the search panel jointly with Sir Dorabji Tata Trust (SDTT). Following the formation of the five-member search panel which is pending till date, Tata Group could formally initiate its quest for an able successor to Tata Sons’ incumbent chairman N. Chandrasekaran.”
Reportedly, “Chandrasekaran, on August 12 this year, has already intimated the Board of Tata Sons that he is unwilling to run for a third term as his term is going to end on February 20 next year (2027). Even though the SDTT has passed a resolution soon after to constitute a five-member search panel to choose and appoint Tata Sons’ next new chairman, the process has been stuck up since long. It is because of the official order passed on May 15 by the Maharashtra Charity Commissioner debarring the SRTT from making any formal decisions or holding any board meetings due to ceratin allegations and complaints lodged against it.”
Media reports, quoting reliable sources, also claimed that, “Following the Maharashtra Charity Commissioner’s May 15 order debarring SRTT, the Tata Sons had to adjourn its Annual General Meeting (AGM) slated on August 18 for lack of quorum which is dubbed to be unprecedented.”
Media reports, quoting reliable sources, added that, “The Tata Sons’ Articles of Association mandates that a five-member selection panel can appoint the new chairman. While the SDTT and SRTT jointly nominate three members for the five-member search panel, the Board of Tata Sons nominates one member apart from one more independent member selected from outside the Tata Group.”
Reportedly, “Tata Trusts, including SDTT, SRTT and other smaller trusts collectively own 69% shares of the Tata Sons and call the shots.”
