Tata Sons reschedules AGM to vote on N Chandrasekaran's return
Tata Sons is giving its annual general meeting another shot within the next month, after having to postpone in August because the required quorum was not available.
The main reason? Restrictions on the Sir Ratan Tata Trust (SRTT) stopped a jointly appointed representative of SRTT and the Sir Dorabji Tata Trust (SDTT) from joining, and this meeting is especially important since shareholders need to vote on bringing back N Chandrasekaran as director.
Tata Sons quorum could force tribunal
By company rules, at least five members, including an authorized representative jointly nominated by SDTT and SRTT, who together own over half of Tata Sons, have to be present for the meeting to count.
With legal restrictions blocking SRTT from holding meetings or taking decisions, Tata Sons might even have to ask a special tribunal for help just to get this meeting done.
It is a tricky situation that is putting some extra hurdles in the way of company decisions.