LACK of quorum led to the adjournment of a scheduled annual general meeting of Tata Sons, the holding company of the USD 180-billion conglomerate, on Tuesday, sources said. The inability of Sir Ratan Tata Trust (SRTT) and Sir Dorabji Tata Trust (SDTT) to nominate a representative led to the lack of quorum and the adjournment of an AGM for the first time in over a century, sources said. SRTT and SDTT are two key philanthropic bodies within the wider Tata Trusts that collectively own over 51 per cent in the holding company.

 

SRTT is under instructions from the Maharashtra Charity Commissioner not to make any major decisions or hold a meeting, which has prevented it from nominating a representative for the AGM scheduled for 1430 hrs on Tuesday. Despite the known challenges stemming from SRTT's difficulties, Tata Sons had not opted to reschedule or postpone the AGM on Tuesday. Even after adjournment, there was no clarity on when the company would have its next AGM. It was supposed to be a key AGM as it was likely to discuss the directorship of N Chandrasekaran, the currentTata Sons chairman who has sought not to be considered for a reappointment when his term ends in February next.