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Tata Sons adjourns annual shareholder meeting days after chairman exit: Report
This comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February, following disagreements with Tata Trusts.
India's Tata Sons has adjourned its annual general meeting that was scheduled for August 18, a source with direct knowledge of the matter told Reuters on Tuesday.
The postponement comes days after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group holding company Tata Sons' controlling shareholder.
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Tata Trusts set up a selection committee last week to recommend a new chairman for Tata Sons. The trusts hold a controlling stake in Tata Sons and appoint a third of its directors, who have veto powers over key decisions.
Also Read | After N Chandrasekaran's exit, Tata trust begins search for next Tata Sons chairperson
Tata Trusts and Tata Sons did not immediately respond to Reuters' requests for comment.
The succession process is one of the most significant decisions facing the 158-year-old conglomerate, whose listed companies have a combined market value of about $277 billion.
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Tata Sons is also facing pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, an issue on which Tata Trusts and its chairman, Noel Tata, are expected to have significant influence.
