Mumbai, India – Noel Tata, the chairman of Tata Trusts, is scheduled to exit the boards of six prominent Tata Group companies on November 12, in line with the conglomerate's established retirement policy for non-executive directors. The move comes as Tata approaches his 70th birthday.
The companies from which Noel Tata will be stepping down include Trent, Voltas, Tata Investment Corporation, Tata International, Trent Hypermarket Pvt Ltd, and Tata International West Asia DMCC in Dubai. He also currently serves as non-executive vice-chairman of Tata Steel and Titan Company, and a director of Inditex Trent Retail India.
Continued Role at Tata Sons Amidst Disputes
Despite these departures, Noel Tata will maintain his position as a Tata Trusts nominee director on the board of Tata Sons, the group's holding company. This continuity is notable given his current involvement in significant internal disagreements within the conglomerate.
Sources indicate that Tata is embroiled in a dispute concerning the reappointment of Tata Sons chairman N Chandrasekaran. On September 17, the Tata Sons board approved a new five-year term for Chandrasekaran by a 4-1 vote, a resolution Noel Tata reportedly opposed. He further challenged the validity of this reappointment on October 26, arguing that it was not on the meeting agenda and did not meet the requirements outlined in Tata Sons' Articles of Association. Tata Sons has consistently maintained the validity of the reappointment.
Opposition to Tata Sons Listing
Beyond the leadership dispute, Noel Tata has also voiced opposition to Tata Sons' proposed stock market listing. This stands in contrast to the board's efforts to comply with Reserve Bank of India (RBI) regulations regarding the company's listing requirements. Tata Trusts holds approximately 66% of Tata Sons.
While arrangements for his other directorships are still being finalized, Noel Tata will continue his association with Trent Hypermarket, the joint venture between Trent and Tesco that operates the Star Bazaar and Star Daily retail chains.