10:01
Some trustees of Tata Trusts, the largest shareholder of Tata Sons, approached the Maharashtra charity commissioner recently with a plea to allow trustees of the Sir Ratan Tata Trust (SRTT) to participate in a critical annual general meeting.
SRTT, one of the two core shareholders of Tata Trusts, was barred by the charity commissioner earlier this year from attending meetings and taking any decisions following alleged violation of governance norms linked to life trustees.
Ahead of the Tata Trusts board meeting on August 13 and the Tata Sons AGM on August 18, the letter to the commissioner assumes significance because absence of SRTT could imply a lack of quorum.
The AGM is expected to take up adoption of accounts, besides reappointment of N Chandrasekaran as a board director on Tata Sons. Chandrasekaran, whose second term as executive chairman of Tata Sons is until February 2027, is due to retire as a board director by rotation.
In the letter to the Commissioner, the trustees have cited the need for one-time freeing up of the SRTT, citing the proposed grants of Rs 400 crore and payout of dividends that are to be approved at the AGM.
-- Business Standard
