Noel Tata urges Tata Sons board to review Rs 25,000 crore funding and restructuring plan
Noel Tata urged the Tata Sons board in Mumbai to review a Rs 25,000 crore capital-reduction funding proposal from the Shapoorji Pallonji Group and a Tata Trusts plan to merge two subsidiaries, aiming to preserve the holding company’s unlisted status, according to The Economic Times. His demand follows a series of disputes that began in September when he, as chair of Tata Trusts, questioned the procedural validity of the board resolution that extended N Chandrasekaran’s term as chairman and asked for an unedited video of the meeting.
Subsequent private talks between Tata Trusts and Tata Sons chairmen failed to resolve disagreements over a possible listing, the SP Group stake buyout and Chandrasekaran’s tenure, and Noel Tata also announced he would step down from six operating-company boards on 12 November while remaining on the Tata Sons board. The controversy has drawn political commentary, with Congress leader Rahul Gandhi warning of a crisis within the Tata Group.
