During this meeting, N. Chandrasekaran was re-designated as chairman of the holding company of the Tata group, even though Noel Tata had been the only board member opposing this decision.
According to a letter dated November 9 addressed to Tata Trusts from Tata Sons Company Secretary Suprakash Mukhopadhyay, audio or video recording of an offline meeting is not required at all. Only if one or more directors participate in the meeting virtually through a computer, then only video recording may be required.
The letter clearly stated that there is no obligation under the law or the Articles of Association to keep such recordings or to share them with anyone (not even directors). The minutes of the meeting were uploaded to the Board App on October 1st.
Necessary changes have been made following feedback received on October 8th. The revised minutes will be uploaded soon, and directors can submit their objections when they are placed for confirmation at the next meeting. Tata Sons has also informed the Registrar of Companies of Chandrasekaran’s reappointment under Section 117.
Noel Tata is opposing Chandrasekaran’s reappointment for several reasons. The most significant issue is the listing of Tata Sons. Following the RBI order, listing on the stock exchange has become mandatory, but Noel Tata believes Chandrasekaran did not make sufficient efforts to avoid this.
He also has concerns about the financial performance of the group’s digital business, Air India, and electronics business branches. Earlier this year, Chandrasekaran successfully postponed a vote on his reappointment due to a lack of consensus.
The September 17 meeting also saw the proposal languish for some time due to lack of clarity on certain aspects. However, Noel Tata reportedly left the meeting shortly thereafter, and Tata Sons publicly announced the decision.
