Tata Power Tussle Grows After Chandrasekaran’s Exit, Key Figures From Ratan Tata Era Depart

The leadership contest inside the Tata Group has entered a new phase after N Chandrasekaran, or Chandra, decided not to seek another term as chairman of Tata Sons. His present tenure ends on February 20, 2027. The decision comes nearly two years after Ratan Tata’s death and follows the exit of two senior figures closely associated with the former chairman, Vijay Singh and Mehli Mistry. The developments have brought the battle over control, board appointments and the future structure of Tata Sons into sharper focus.

According to reports, at the centre of the dispute are Tata Trusts, which collectively own around 66% of Tata Sons. The holding company sits at the top of the salt-to-semiconductor conglomerate and controls a business empire that goes back 156 years, with hundreds of companies, including about 30 listed firms. Noel N Tata, Ratan Tata’s half-brother, has headed Tata Trusts since October 2024 and is also a non-executive director of Tata Sons.

Tata trusts hold the key as rival camps emerge over control

The Sir Dorabji Tata Trust owns 27.98% of Tata Sons, while the Sir Ratan Tata Trust holds 23.56%. Together, they account for 51.54%. Other shareholders include the JRD Tata Trust (4.01%), Tata Education Trust (3.73%), Tata Social Welfare Trust (3.73%), RD Tata Trust (2.19%) and Sarvajanik Seva Trust (0.10%).

As per reports, the Tata Sons board now has six members: Chandra, Noel Tata, Tata veteran and Tata Trusts vice-chairman Venu Srinivasan, Group CFO Saurabh Agrawal, and independent directors Harish Manwani and Anita Marangoly George. The board has already seen changes, with Singh leaving in 2025 and independent directors Ajay Piramal and Ralf Speth also retiring.

The Sir Dorabji Tata Trust recently brought in Noel’s son Neville Tata and former Titan chief Bhaskar Bhat as trustees for three-year terms. Srinivasan is also a trustee and vice-chairman of the trust. Meanwhile, the Sir Ratan Tata Trust has seen a series of changes, with Singh stepping down as vice-chairman and deciding against another term after August 14, 2026. He will remain a trustee of the Sir Dorabji Tata Trust.

Tata listing debate becomes a major fault line in the trust dispute

The trustees increasingly split into opposing groups during 2025. Mistry emerged as the leading figure of a camp that included Pramit Jhaveri, Jehangir HC Jehangir and Darius Khambata. Mistry’s connections with the extended Shapoorji Pallonji family, which owns around 18.37% of Tata Sons, added another dimension to the power struggle.

Reportedly, Noel initially had the support of Srinivasan and Singh. But disagreements grew over board representation and governance. Singh, a former defence secretary and Tata Trusts nominee, eventually left the Tata Sons board after facing opposition from the Mistry camp. Srinivasan and Singh are also understood to have opposed Noel’s move to appoint Neville Tata as a trustee of the Sir Ratan Tata Trust.

One of the biggest disagreements has been over a possible public listing of Tata Sons. Noel is against the idea, while Srinivasan and Singh have publicly backed a listing. Chandra, meanwhile, reportedly did not agree to Noel’s demand that he rule out a future listing.

Tata leadership dispute reaches government as senior figures withdraw

Reports say that the tensions became serious enough for senior government ministers to meet key Tata figures. In October last year, Noel Tata, Chandra, Srinivasan and Darius Khambata met Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman as the governance dispute at the trusts intensified.

Mistry later began withdrawing from several Tata-linked entities. Among his significant departures was his resignation from the board of RNT Associates Pvt Ltd, Ratan Tata’s personal investment firm and family office. Srinivasan resigned in April this year as a trustee of the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, citing other business commitments. Meetings of the Sir Ratan Tata Trust were also cancelled in January and May this year.

Singh’s latest departure came Tuesday, when he gave up his trustee position at the Sir Ratan Tata Trust. A day later, Chandra announced that he would not seek another term as Tata Sons chairman.

Tata Sons faces succession decision after Chandra rejects another term

As per reports, Chandra said the Sir Dorabji Tata Trust and Sir Ratan Tata Trust had unanimously recommended extending his chairmanship by five years. The proposal then went through the Tata Sons Nomination and Remuneration Committee and was recommended to the board. But at a February 24 board meeting, one director did not back the proposal. “In the absence of unanimous support, I chose to defer the decision,” Chandra said.

Six months later, with the matter still unresolved, he said the group needed clarity over its leadership while Tata Sons works on several strategic projects. He told the board he would not offer himself for reappointment after February 20, 2027, and asked directors to begin deciding on his successor to allow an orderly transition.

Chandra’s decision now leaves the Tata Sons board with a major succession task even as disagreements inside Tata Trusts remain unresolved. The next chairman will take charge of the holding company at a time when questions over ownership, governance, board representation and a possible listing continue to shape the future direction of the group.

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