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Founding-family patriarch Noel Tata said a public listing could constrain Tata Sons Pvt.’s ability to support group firms in trouble, making his case in a rare public interview nearly two weeks after a boardroom fight erupted at one of India’s largest conglomerates.
Noel Tata-led Tata Trusts proposed a restructuring of Tata Sons Pvt. by merging two unlisted units in a bid to stave off a listing for the holding company of the sprawling Indian conglomerate.
The Tata boardroom battle has intensified over a re-appointment of its chairman and a diktat to go public.
India’s largest conglomerate, Tata Group, is headed for an internal showdown as it wrestles with the question of who will lead its holding company Tata Sons Pvt., which is under regulatory pressure to go public.
The stage is set for a showdown between Tata Sons and its majority shareholder.
The Tata Trusts formally placed on record their acceptance of the decision the following day and advised Tata Sons to initiate the process for setting up a Selection Committee for appointing a successor, in accordance with the Articles of Association of Tata Sons, the Tata Trusts said in a statement
Tata Sons Pvt. is said to have approved going public and asked Chairman Natarajan Chandrasekaran to stay on for five more years, as one of India’s biggest business houses tries to keep leadership steady through the transition.
Board to discuss if outgoing Chairman Natarajan Chandrasekaran should be asked to stay on.
The Indian central bank’s refusal to relax listing rules for Tata Group’s holding company delivered an outcome long sought by the conglomerate’s biggest minority shareholder, though the road to going public is far from smooth.
Hetal Dalal, COO and President of IiAS, a corporate governance and proxy advisory firm, says Tata Sons is expected to "put up a fight" against the RBI's efforts to require a listing. She argues that an IPO could constrain the group's operating flexibility. (Source: Bloomberg)
Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture. (Source: Bloomberg)