The Board of Directors of Tata Sons is likely to meet on 17 September, nearly a month after the routine annual general meeting (AGM) on 18 August was adjourned due to a lack of quorum, according to a Moneycontrol report citing sources.
While the AGM's agenda is not known, Tata Sons Chairman N Chandrasekaran's exit, is among the matters likely to be discussed, sources said. They added that it is unclear if the executive could be asked to reconsider his resignation or if directors would put the issue to a vote, as per the report. Notably, the Tata Sons board meets every quarter.
Moneycontrol said Tata Sons did not immediately respond to queries.
If Chandrasekaran's position does take up space during the meeting, it could be a test of influence of key stakeholders within the conglomerate's board as Tata Trusts Chairman Noel Tata, and trustee and non-executive director Venu Srinivasan have previously diverged on his continuance, the sources stated. Without reappointment, his term ends on 20 February 2027.
The report added that in July last year, both Tata and Srinivasan had unanimously backed Chandrasekaran's renewal and charged him to ensure the holding company remains unlisted. Now, Tata is reportedly considering the reappointment and seeking answers over listing, while Srinivasan is backing Chandrasekaran, it said.
The sources did not say where other Tata Sons directors stand or if Chandrasekaran is open to reconsidering his notice dated 12 August. But they will be key as MD and Chairman appointment and reappointment at Tata Sons require support from a majority of Trust-nominated directors, as per the report.
Tata Sons board comprises Chandrasekaran, Tata, Srinivasan, Anita M George, independent director, former executive at CDPQ; Harish Manwani, independent director, former Unilever COO and chairman of Tata Sons nomination and remuneration committee (NRC); and Saurabh Agrawal, executive director and known to be close to Chandrasekaran.
Chandrasekaran announced on 12 August that he would step down and not seek reappointment as Chairman of Tata Sons for a third term and in his letter underlined the need for clarity on the leadership issue at the earliest, PTI reported.
Notably, in his statement announcing the decision, Chandrasekaran said one of the Tata Sons directors had opposed his reappointment. He said the lack of unanimity contributed to his decision to step aside.
“The Sir Dorabji Tata Trust (SDTT) respects Chandrasekaran's decision not to offer himself for re-appointment. We place on record our deepest appreciation for his contribution and stewardship of Tata Sons and the Tata group over the past decade,” the Tata Trusts said. It holds over 66% of Tata Sons, as per the PTI report.
Chandrasekaran's departure comes at a significant juncture for the Tata Group seeking to turn around loss-making ventures such as Air India and Tata Digital. Tata Sons is also dealing with uncertainty surrounding the Reserve Bank of India's requirements relating to a potential listing.
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