The Tata Sons board has approved a fresh five-year term for N Chandrasekaran as executive chairman and decided to start the process of listing the group’s holding company, reported PTI. Tata Trusts, however, has called the decisions “illegal” and may challenge them.
The decisions were taken at a roughly three-hour board meeting in Mumbai on Thursday, September 17.
Chandrasekaran, 63, had told the board in August that he did not plan to seek reappointment when his current term ends on February 20, 2027. He has now agreed to reconsider that decision following a request from the board.
Tata Sons said its Nomination & Remuneration Committee (NRC) unanimously asked Chandrasekaran to reconsider his decision, citing his contribution and the larger interests of the Tata Group.
“After due deliberation and in recognition of his contributions and the larger interests of the Tata Group, the NRC unanimously resolved to request him to reconsider his decision and to recommend him for re-appointment at the next Board meeting,” Tata Sons said, the report mentioned.
The board later approved his reappointment for another five-year term by a majority vote.
(This is a developing story.)