Noel Tata, Chairman, Tata Trusts
Tata Trusts Chairman Noel Tata is pushing for a decision on the restructuring of Tata Sons and the provision of ₹25,000 crore in liquidity support to the Shapoorji Pallonji (SP) Group at the holding company’s next board meeting on November 26, 2026.
Tata wrote to the Tata Sons board on Thursday, seeking the inclusion of these matters in the meeting agenda after failing to receive a response to his earlier representations.
The fresh communication comes days after a meeting between Noel Tata and Tata Sons Chairman N Chandrasekaran failed to bridge differences between the two sides.
Breaking impasse
The letters suggest that the meeting, brokered by retired senior Tata Group executives, did not help resolve the impasse, according to a company official.
Tata has relied on Article 121B of the Articles of Association (AOA), which entitles directors to propose resolutions to the board by giving 15 days’ notice.
He has also submitted draft resolutions for the board’s consideration and outlined the steps required to complete the proposed reorganisation and provide liquidity support to the SP Group.
Late last month, Tata Trusts proposed a restructuring of Tata Sons through the merger of Tata Electronics Systems Solutions Private Limited and Tata Consulting Engineers with the holding company. According to the Trusts, the merger would enable Tata Sons to cease being classified as a non-banking financial company-upper layer (NBFC-UL), allowing it to retain its private company status. A copy of the proposal was also marked to the Reserve Bank of India (RBI).
The second letter deals with the SP Group’s proposal to raise ₹25,000 crore through a share buyback. Tata had presented the plan at a Tata Sons board meeting on September 17 following discussions with SP Group Chairman Shapoor Mistry.
Listing call
Separately, the SP Group, which owns more than 18 per cent of Tata Sons, has been calling for the listing of the holding company’s shares.
In his letter, Tata has sought details from the Tata Sons board on the action taken regarding this proposal.
“No progress has been made on Tata’s earlier letters on these issues, and he is doing everything within his remit to keep Tata Sons private,” said an executive familiar with the matter.
The dispute between Tata and other board members of Tata Sons appears to have spilled over into group companies, with questions being raised within the group over Trent’s decision to appoint senior lawyer Bahram Vakil as its next chairman.
Vakil will replace Noel Tata, who retires from the role on November 12, upon attaining the age of 70.
Executives say that decisions such as the appointment of a chairman are typically taken in consultation with Tata Sons, the principal shareholder. “Issues of governance cannot be a matter of convenience,” an executive said.
An email sent to Trent’s investor relations team did not elicit a response.
Published on October 30, 2026
