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Noel Tata joins Tata Sons board: After the death of Ratan Tata, the reins of the Tata Group have been handed over to his half brother Noel Tata. As soon as Noel Tata took power, he started changing the rules of the Tata family. He has announced to join the board of Tata Sons, the holding company of Tata Group.
According to the rules of the Tata family, Noel Tata cannot join the board of Tata Sons. Because Ratan Tata had made a rule in 2022 that the chairman of Tata Trust and Tata Sons cannot be the same person. But 13 years after Noel Tata changed this rule, now the same person will hold the post of Chairman of Tata Trust and Tata Sons.
Noel Tata announced this
According to media reports, Noel Tata presented an online proposal in a virtual meeting organized by Tata Sons before Diwali. In which a member of the Tata family will join the boards of both Tata Trust and Tata Sons. Tata Trust holds 66 percent stake in Tata Sons. After Noel Tata's joining, now three directors of Tata Trust including TVS Chairman Venu Srinivasan and former Defense Ministry official Vijay Singh have also joined the Tata Sons board. Noel Tata, Singh, Srinivasan and Mehli Mistry are currently part of the executive committee that governs the Tata Trusts.
1/3rd directors of the trust board will be included
As per the Articles of Association of Tata Sons, the Trust Board can appoint 1/3 of the directors in Tata Sons. At present there are nine directors on the Tata Sons board. In which Chairman N. Two executive directors including Chandrasekaran, three non-executive directors including Noel Tata, Srinivasan and Singh and four independent directors.
Noel Tata resigned from all posts
Noel Tata, 67, stepped down from executive positions in group companies at the age of 65. As per group rules, executives are required to retire from all board memberships at the age of 70. However, there is no age limit for retirement from the post of Trustee or Chairman. Following the acquisition of FH Cover, Noel Tata became the Chairman of the group's retail enterprise arm in April, 2014. Under his leadership, retail sector revenue grew 430 percent from Rs 2333 crore in 2014 to Rs. 12375 crores. Trent's turnover is Rs. There was a loss of Rs 19 crore. Made attractive profit of Rs 1477 crore.
