Noel Tata is stepping down from six Tata Group company boards in November | Here's why
Tata Trusts chairman Noel Tata is set to step down from the boards of six major Tata Group companies on November 12, when he turns 70, according to Moneycontrol. The move is in line with the conglomerate’s retirement policy for non-executive directors
Noel will step down from his roles as non-executive chairman of Trent, Voltas, Tata Investment Corporation, Tata International, Trent Hypermarket Pvt Ltd, and Tata International West Asia DMCC in Dubai. However, he will continue as a Tata Trusts nominee director on the board of Tata Sons, the group’s holding company.
Noel will also continue his association with Trent Hypermarket, the joint venture between Trent and Tesco that operates the Star Bazaar and Star Daily retail chains. Arrangements for his other directorships have not yet been finalised, according to the report.
He is also non-executive vice-chairman of Tata Steel and Titan Company, besides serving as a director of Inditex Trent Retail India, a joint venture associated with Spanish fashion retailer Inditex.
The transition comes amid an escalating dispute between Noel and Tata Sons over the reappointment of chairman N Chandrasekaran and the proposed listing of the holding company.
On September 17, the Tata Sons board approved another five-year term for Chandrasekaran by a 4-1 vote, with Noel opposing the resolution. On October 26, Noel again challenged the decision’s validity, arguing that the reappointment was not on the meeting agenda and did not meet the requirements under Tata Sons’ Articles of Association. Tata Sons has maintained that the reappointment was valid.
The two sides are also divided over Tata Sons’ proposed stock market listing. Noel has opposed the move, while the board has initiated steps towards complying with Reserve Bank of India regulations following the central bank’s decision on the company’s listing requirements.
Tata Trusts owns around 66% of Tata Sons. Despite stepping down from several group company boards, Noel will retain his position as a Tata Trusts nominee director on the holding company’s board.
Noel Tata's retirement could focus attention on the Tata Group's age-related governance norms and their possible implications for Tata Sons Chairman N Chandrasekaran.
Born on June 2, 1963, Chandrasekaran is currently 63 and will turn 65 on June 2, 2028.
Under the group's established governance framework, executive directors ordinarily retire at 65.
His proposed five-year reappointment, which would extend his tenure until February 2032, would therefore take him beyond the prescribed executive retirement age.
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