Tata Sons reappoints N Chandrasekaran despite Noel N Tata objection
Tata Sons just gave N Chandrasekaran another five years as executive chairman, but not everyone's on board.
Noel N Tata, who leads the Tata Trusts, says this move is actually "legal nullity" because company rules require both Trust nominee directors to agree, and that didn't happen.
Interestingly, Chandrasekaran had earlier said he wouldn't seek a new term and the Trusts were fine with that.
DY Chandrachud says reappointment invalid
Backing up his stance, Noel has a legal opinion from former Chief Justice of India DY Chandrachud saying the reappointment isn't valid without full Trust approval.
He's urging the board to get proper legal advice and has called it "What is at stake is something very fundamental. The nature and character of the Tata Group as a unique institution."
This disagreement could end up in court and points to bigger questions about how things are run at Tata Sons.