Tata Sons’ board approved steps toward a public listing on September 17 and voted 4-1 to extend N. Chandrasekaran’s chairmanship by five years. Tata Trusts, the largest shareholder with approximately 66% stake, cast the sole dissenting vote and called the reappointment illegal, arguing it violates the company’s Articles of Association. The listing obligation stems from Tata Sons’ classification as a core investment company by the Reserve Bank of India in 2022, whose application to surrender this registration was rejected on September 11. The Shapoorji Pallonji Group, holding 18.4% of Tata Sons and a long-time advocate for a listing, could finally gain a market-based exit path for its stake. Shares in various Tata Group companies rose between 0.15% and 5% following the announcement.
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