Noel Tata Calls Tata Sons Chairman Reappointment Illegal Amid Boardroom Rift

According to CNBC, a boardroom dispute is escalating at Tata Group after Noel Tata, the heir of the Tata family and chair of Tata Trusts, said the reappointment of N. Chandrasekaran as chairman of Tata Sons earlier Thursday was "illegal." Tata Sons said its board approved Chandrasekaran's reappointment for another five years after his term expires in February next year, while Tata Trusts said Noel Tata voted against the move and called it a "legal nullity." The dispute could delay a potential listing of Tata Sons, which Chandrasekaran has tied to funding for large capital bets, including Air India, semiconductors and batteries. Tata Sons reported consolidated net profit fell 35% to 266 billion rupees in the financial year ended in March, and Tata Trusts said it will "explore all avenues and possibilities" to move out of the regulatory framework that requires mandatory listing.