Why Noel Tata is stepping down as Titan vice-chairman
What's the story
Noel Tata, the Vice-Chairman and non-executive non-independent director of Titan Company Ltd, will retire from his position on November 12. The decision comes as part of the Tata Group's governance guidelines and coincides with his 70th birthday. The company confirmed the news in a regulatory filing, stating that he would cease to hold office as a Non-Executive, Non-Independent Director and Vice Chairman of Titan effective November 12.
Regulatory compliance
Legal provisions regarding age limit for directors
Noel Tata, who is also the Chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 on November 12.
The Companies Act of 2013 prohibits the appointment or continuation in office of a Managing Director or Whole-Time Director if they are aged 70 years or above.
This provision further justifies his retirement from Titan Company Ltd and other Tata Group entities.
Information
Exit from other Tata Group companies
Noel Tata has also stepped down from the board of several other Tata Group companies, including Trent, Voltas, Tata Steel, Tata Investment Corporation, and Tata International. His exit from these positions further highlights the adherence to the governance guidelines set by the conglomerate.