Tata Sons AGM marks SP Group thaw, Noel Tata joins board
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The Tata Sons annual general meeting (AGM) saw Shapoorji Pallonji (SP) Group okaying all resolutions, leading to their unanimous approval, marking another advance in the thawing relations between the minority and majority shareholders.In previous years, SP Group, which holds 18.37% in the Tata group holding company, has either abstained from voting or objected to some resolutions. Tata Sons voted to appoint Noel Tata to the board and approved the reappointment of Venu Srinivasan and Saurabh Agrawal as directors. It also approved Anita George, cofounder and chief executive of emerging markets growth fund Prosperete, as an independent director.Notably, this was the first AGM held since the passing of Ratan Tata in October last year. His halfbrother, Noel Tata, is chairman of Tata Trusts , which holds a controlling 66% stake in Tata Sons. This was the company's 107th AGM.Tata Sons has initiated early discussions with SP Group.They are exploring potential exit options and monetisation avenues in the unlisted holding company, currently pledged with lenders. People close to SP Group said it was optimistic about growth under the leadership of Tata Sons chairman N Chandrasekaran, and is looking forward to constructive involvement.Chandrasekaran met SP Group chairman Shapoor Mistry a few times in the recent past, they added. These were the first formal interactions between the two sides since ties soured following the ouster of the late Cyrus Mistry, Shapoor's brother, as Tata Sons chairman in 2016. The talks are said to be preliminary.Tata Group nearly doubled revenue and more than tripled net profit and market cap over the past five years, when it spent Rs 5.5 lakh crore to be 'future fit' and has sought to alter strategies that 'may have aged poorly with time and changing economic conditions,' adopting a 'fitness first, velocity next' mantra, Chandra sekaran said in the latest Tata Sons annual report. Group revenue from all listed and unlisted entities was Rs 15.3 lakh crore in FY25, with net profit at Rs 1.1 lakh crore and market cap at Rs 37.8 lakh crore, it said. Tata Sons and SP Group did not comment.Thursday's AGM at Bombay House was led by Chandrasekaran and attended by Noel Tata and his children Leah, Maya and Neville on behalf of the smaller trusts. This was among the shortest AGMs in years, at about 20 minutes, said the people cited.Mehli Mistry attended as a representative of the Sir Ratan Tata Trust and Vijay Singh as a representative of the Sir Dorabji Tata Trust. Mistry, also one of the executors of Ratan Tata's will, proposed the appointment of Noel Tata as director and the passing of accounts. At last year's AGM, SP Group had expressed dissatisfaction over not being informed about Tata Sons' decision to apply to the Reserve Bank of India for deregistration as an Upper Layer Core Investment Company (UL-CIC). It had also voiced concerns about being left out of deliberations on the Tata Trusts' resolution that Tata Sons remain an unlisted private company. In January, RBI said in its annual report that it was reviewing Tata Sons' application for deregistration from the UL-CIC category.As per regulations, companies classified as NBFC-UL are required to go public by September. Tata Sons had cleared all its debt obligations to meet the eligibility criteria for exclusion from this category.Following Ratan Tata's demise, longstanding tensions between the two groups have been easing, according to people close to them. Cyrus Mistry died in 2022 in a road accident. Noel Tata is married to the sister of the Mistry brothers. There currently appears to be room for constructive dialogue, potentially paving the way for a mutually agreed exit for the Mistry family from Tata Sons, said the people cited. SP Group has suggested Tata Sons consider the possibility of an IPO as a route to unlock value for shareholders, according to people in the know.Noel Tata, who became chairman of Tata Trusts in October 2024, was nominated to the Tata Sons board by the trusts. He had been appointed additional director last year.
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