Sir Dorabji Tata Trust backs Noel Tata in board dispute
Business
Sir Dorabji Tata Trust is standing by Noel Tata in a boardroom dispute with trustees Venu Srinivasan and Vijay Singh about how to restructure Tata Sons.
This all started after the Reserve Bank of India retained Tata Sons in the upper-layer non-banking financial company (NBFC) category, which means it needs to rethink its legal setup, but not necessarily go public.
Tata Trusts defend merger, trustees object
To keep Tata Sons private, the Trusts suggested merging two group companies into it.
Srinivasan and Singh were not on board, questioning how much say the Trusts should have in these decisions.
the shareholders (Tata Trusts), who hold about 66% of Tata Sons, defended its involvement and said the merger was aimed at keeping the holding company private and avoiding a public listing.