Economy, business and finance
Tata Sons board approves 5-year extension for Chandrasekaran; Tata Trusts calls it 'illegal'
The board also agreed to move ahead with the listing of Tata Sons, the holding company of the salts-to-software-and-cars group
The Tata Sons Ltd’s board on Thursday (September 17) voted to re-appoint N Chandrasekaran as executive chairman for a fresh five-year term.
The Tata Trusts, which together controls about 66 per cent of Tata Sons, however, termed the reappointment as "illegal".
“The Tata Trusts maintain that the resolution to re-appoint Mr N. Chandrasekaran as Chairman, Tata Sons, is illegal,” it said in a statement.