Tata Sons' AGM may face hurdle over quorum clause
MUMBAI: Tata Sons' annual general meeting, scheduled for next month, faces a potential roadblock from a quorum requirement in its articles of association (AoA). A key item on the agenda is the reappointment of chairman N Chandrasekaran , who retires by rotation at the AGM.
Article 86 of Tata Sons' AoA requires at least five members to be personally present, including a representative jointly nominated by Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), so long as they together hold at least 40% of the company's equity - a threshold comfortably met as the two trusts hold about 66%.
Article 86 of Tata Sons' AoA requires at least five members to be personally present, including a representative jointly nominated by Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), so long as they together hold at least 40% of the company's equity - a threshold comfortably met as the two trusts hold about 66%.
Next Story