'whom he believes in ... or whom he has faith in. But we don't know whether that person will be competent or not. This will lead to a lot of uncertainty in the minds of investors and shareholders of the Tata group companies.'
Noel Tata, a veteran of the Tata group, announced his decision to step down as the chairman of Voltas, following a similar move at Trent, citing the development of a new generation of leaders within the company.
Tata Group retail firm Trent, owner of Westside and Zudio, is confident of achieving a ten-fold increase in revenue in the 'not-so-distant future' and plans to take its homegrown brands to international markets, said Chairman Noel N Tata.
Simone Tata, the mother of Tata Trusts chairman Noel Tata, died in a Mumbai hospital on Friday after a brief illness. Simone, the stepmother of the late Ratan Tata, was 95.
Tata Trusts chairman Noel Tata and two other powerful trustees considered close to him blocked the reappointment of late Ratan Tata's close associate and businessman Mehli Mistry as trustee, deepening the rift at the philanthropic arm that controls the holding company of Tata Group, people familiar with the matter said.
Mehli Mistry is backed by three other trustees -- Pramit Jhaveri, Darius Khambata and Jehangir HC Jehangir -- against Tata Trusts Chairman Noel Tata and the two vice-chairmen, Venu Srinivasan and Vijay Singh.
'The quality of a leader should be such that even if the leader is not there, the institution carries on.'
Noel Tata -- the half-brother of late Rata Tata -- who takes over as chairman of Tata Trusts, has been with the Tata Group for over four decades, slowly rising through the ranks in the salt-to-software conglomerate. Having functioned mostly under the shadows of his illustrious half-brother, Noel (67) will now have the responsibility of leading the Tata Trusts -- broadly comprising Sir Ratan Tata Trust & Allied Trusts, and Sir Dorabji Tata Trust & Allied Trusts -- that hold a controlling 66 per cent stake in Tata Sons, the holding and promoter firm of Tata Group companies.
N Chandrasekaran, chairman of Tata Sons, announced he would not seek reappointment when his term ends in February 2027, following a series of departures by senior figures closely associated with former chairman Ratan Tata, including Vijay Singh and Mehli Mistry, amid a deepening power struggle and governance dispute within the Tata Group.
N Chandrasekaran's decision not to seek reappointment when his term as chairman of Tata Sons ends in February 2027 signals a significant shift in leadership amidst an ongoing power struggle and governance disputes within the Tata Group.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
Indications are that the Tata Sons stand on listing of the company may come up for a discussion even if it's not part of the agenda
Chandrasekaran's exit is more than a change of chairman. It represents the breakdown of the informal consensus that governed the Tata system under Ratan Tata.
N Chandrasekaran will step down as chairman of Tata Sons in February 2027, concluding a decade at the helm, following a prolonged standoff over his reappointment with Tata Trusts Chairman Noel Tata.
A board meeting of Tata Sons, the holding company of the Tata conglomerate, concluded in Mumbai, with discussions likely revolving around mounting losses in unlisted businesses and the future of Chairman N Chandrasekaran amid rising internal frictions.
Noel Tata's children - Leah, Neville, and Maya - have been appointed to the boards of five philanthropic organisations of Tata Trusts, which oversees the $150-billion Tata group. The move is being seen as part of the Trusts' succession plan. Noel Tata's wife Aloo is the daughter of Pallonji Mistry, whose family owns an 18.5 per cent stake in Tata Sons, the holding company of Tata group.
"Noel Tata has taken over as chairman of Drive India Enterprise Solutions Limited (DIESL), signifying the growing importance that the Tata group has placed on logistics," the group's supply chain provider said on Wednesday.
A half-brother of Ratan Tata, Noel will step down as the MD of the group's retail venture, Trent Ltd
The top agenda of the meeting includes a review of Tata Trusts representation on the Tata Sons board.
Natarajan Chandrasekaran, credited with stabilising Tata Sons after a boardroom coup and overseeing significant expansion, has announced his resignation as chairman, capping a nearly decade-long tenure marked by both successes and escalating tensions with the group's controlling charitable trusts.
The upcoming Tata Sons board meeting in June could possibly throw some light on several critical issues that may have a bearing on the future of the corporate behemoth.
A crucial Tata Trusts board meeting was unexpectedly postponed, highlighting internal conflicts over veto power, Tata Sons listing, and trustee eligibility, raising concerns about the stability of the $180 billion conglomerate.
A much-anticipated board meeting of the Sir Ratan Tata Trust, intended to reconsider nominations to the board of Tata Sons, was cancelled for unspecified reasons, despite the Bombay High Court declining to stay the meeting.
Noel, Ratan Tata's half-brother and Mistry's brother-in-law, was a contender for the top position when Mistry was chosen as chairman in 2011.
While the leadership issues may get sorted in the upcoming board meetings of Tata Trusts and Tata Sons, listing of the holding company of the Group on stock exchange should potentially resolve the bigger question on ownership and control
'Chandrasekaran wanted a five-year extension, but the Tata Group has a policy of 65 years as the retirement age for its executive chairman.'
'... that work is done. The task is to reallocate what has been built, with the courage of a founder and the discipline of an owner.'
While the latest trigger for him stepping down could be the uncertainty around his renewal as a director at the AGM, which is otherwise a routine matter, Chandra may have been contemplating quitting for some time now because of the overall turbulence with the principal shareholder on the leadership issue.
Tata Trusts, which exerts decisive influence over India's most valuable conglomerate through its about 66 per cent stake of Tata Sons, finds itself in the midst of infighting among its trustees over board appointment and governance issues.
A crucial annual general meeting (AGM) of Tata Sons, the primary holding company of the Tata conglomerate, was adjourned due to a lack of quorum, specifically the absence of representatives from the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT). The SRTT is currently under restrictions from the Maharashtra Charities Commissioner, preventing it from making major decisions or holding meetings, which impacted its ability to participate.
The much-awaited board meeting of Tata Sons did not discuss listing of the holding company or a third term for Chairman N Chandrasekaran.
The government is closely watching the fast-paced developments at the salt-to-semiconductor conglomerate.
Noel Tata, who had built Trent into a Rs 1,000-crore company and launched a slew of brands in India such as Sisley and Zara, is now considering launching global brands from Tata International, the exports and trading arm of the Tata Group.
Just in case the AGM, scheduled At the AGM, if it is held, a shareholders' vote on Chandra's renewal as a director on the Tata Sons board is unlikely but not ruled out.
The deferral of Natarajan Chandrasekaran's re-appointment as Chairman of Tata Sons has sparked questions regarding a previous unanimous resolution by Tata Trusts and potential internal disagreements.
The Tata Sons board has deferred a decision on the re-appointment of Natarajan Chandrasekaran as Chairman, signaling potential differences within the group. Concerns were raised about losses in certain group companies and the listing of Tata Sons.
Footwear brand Tashi creates a buzz with teaser ads.
Responsible for many foreign tie-ups, strategic rollouts and acquisitions, Noel Tata is now giving Tata International, the trading arm of the conglomerate, a retail twist.
Tata Trusts, which holds a significant stake in Tata Sons, is facing a mandate to immediately comply with Section 30A(2) of the Maharashtra Public Trusts Act, 1950, requiring two of the three life trustees at Sir Ratan Tata Trust to step down to meet the 25 per cent cap on perpetual trustees.
Tata Trusts, which holds a significant stake in Tata Sons, is facing a mandate to immediately comply with Section 30A(2) of the Maharashtra Public Trusts Act, 1950, requiring two of the three life trustees at Sir Ratan Tata Trust to step down to meet the 25 per cent cap on perpetual trustees.
