The 108th annual general meeting (AGM) of Tata Sons was adjourned on August 18 after the meeting failed to meet the required quorum, marking the first such occurrence in the history of the Tata Group’s holding company.
According to a Moneycontrol report,tThe absence of a joint representative from the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, the two largest shareholders of Tata Sons, was central to the quorum issue. The two trusts together hold approximately 51.5% of Tata Sons.
According to the report, the company’s board is expected to meet to determine a new date for the AGM. The development comes after the Maharashtra Charity Commissioner imposed restrictions on meetings of the Sir Ratan Tata Trust, preventing the two trusts from jointly appointing a representative for the meeting.
Tata Sons AGM Adjourned Within 30 Minutes
The AGM commenced at around 2:30 pm, in line with the scheduled timing, but was adjourned roughly 30 minutes later at 3 pm after the required quorum could not be established.
Outgoing Tata Sons Chairman N Chandrasekaran attended the meeting in person at Bombay House. Board members Saurabh Agarwal and Anita Marangoly George were also present at the venue.
Several other prominent Tata Group figures participated virtually. Noel Tata, Chairman of Tata Trusts, joined the meeting online, along with former Tata Group executives Harish Manwani and Venu Srinivasan.
Former Tata Group insider Mehli Mistry, whose proposed appointments to several Tata Trusts had earlier been rejected, also participated in the AGM virtually.
Mistry attended the meeting in his capacity as the executor of the will of the late Ratan Tata, who served as chairman of Tata Sons and remained a key figure within the Tata Group.
The quorum failure adds another layer of complexity to the governance issues surrounding Tata Sons and the Tata Trusts. The company’s board is now expected to determine the next course of action and announce a fresh date for the annual general meeting.
