Tata Trusts
Board of Tata Trusts meets to discuss appointment of third representative to Tata Sons
Mumbai/IBNS: The board of Tata Trusts is meeting today (Thursday, Oct. 17) to discuss the appointment of a third representative to the board of Tata Sons, reports Economic Times.
There is speculation that Noel Tata, or another family member, may be selected for the position.
Noel Tata, chairman of Tata Trusts, is eligible to serve as a nominee director for the Trusts.
Tata Trusts, which holds a 66 percent stake in Tata Sons, primarily through the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust, has the right under the Articles of Association to nominate one-third of Tata Sons' board members.
Tata Sons is also expected to appoint new board members soon.
Bhaskar Bhat (70) will step down after his final scheduled committee meeting on Tuesday, and Ralf Speth (69), Jaguar Land Rover’s (JLR) director, is also set to retire, ET reported, citing sources familiar with the matter.
Last week, Noel Tata was appointed chairman of the philanthropic Tata Trusts, continuing the tradition of having a family member lead the group.
Noel Tata, born in India but now an Irish citizen, is already a trustee of both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust.
Together, these Trusts control 66 percent of Tata Sons, the holding company of the Tata Group.
Tata Sons is currently chaired by N Chandrasekaran, as per reports.
Other key figures at Tata Trusts include Venu Srinivasan from the TVS Group and former defense secretary Vijay Singh, who have served as vice chairmen since 2018.
Meanwhile, the Shapoorji Pallonji (SP) Group, which holds an 18.37 percent stake in Tata Sons, has been seeking to sell its shares to address its financial challenges.
Ratan Tata was the last individual to hold the dual roles of chairman of Tata Trusts and chairman emeritus of Tata Sons, a situation that changed in 2022 when Tata Sons amended its Articles of Association to prevent one person from holding both positions.
It is unclear whether Noel Tata will step down from any other company boards now that he has taken on the role at Tata Trusts, according to reports.
Tata Sons oversees more than 100 group companies, with its subsidiaries producing a wide range of products from steel to salt.
The holding company benefits from substantial dividends, particularly from Tata Consultancy Services (TCS), the group’s largest and most profitable company.
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