Tata board extends N Chandrasekaran tenure, trusts call extension illegal
Business
There's some serious drama at the top of the Tata Group right now. The board voted to extend Chairman N Chandrasekaran's tenure and move toward a potential public listing.
Tata Trusts, which owns 66% of Tata Sons, called Chandrasekaran's extension "illegal" and is hinting at a court battle.
Tata Sons and trusts hire lawyers
Both sides have called in heavyweight lawyers, so things could get heated in court.
While Tata Sons's team is backing the public listing plan, lawyers for Noel Tata and Tata Trusts say Tata Trusts called Chandrasekaran's extension "illegal" and Noel Tata was outvoted at the board meeting.
Tata Sons are also raising concerns about transparency, making this showdown one to watch.