The Tata Sons annual general meeting was adjourned shortly after it began at 2:30 pm. The meeting was moved to a later time due to lack of quorum. A new date will be decided later.
N Chandra and Anita George joined the meeting virtually from Bombay House. Harish Manwani, Mehli Mistry, and other directors and shareholders also joined virtually. Mistry joined as the executor of Ratan Tata’s will.
Meanwhile, the ban on Sir Ratan Tata Trust (SRTT) continues. As of mid-day today, no fresh appeal for an interim stay on the ban, or any communication from the Charity Commissioner of Maharashtra that suggests any relief has been made, people with knowledge of the matter said.
The key promoter trust of the Tata Group holding company had sought interim relief on the ban imposed by the charity authority in May citing the need to approve grants, select a nominee to represent the Trust, the largest shareholder in Tata Sons, and approve of accounts. So far, the request has not been admitted for hearing.
The ban on meetings follows a directive by the Charity Commissioner as the authority is currently investigating allegations of governance lapses at SRTT.
Under the company’s Articles of Association, if quorum is not met within half an hour of meeting commencement, then it needs to be adjourned. Since SRTT is unable to convene meetings, it has not been able to participate in the nomination of a joint representative from the Tata Trusts – the largest shareholder in Tata Sons. As a result, the meeting will lack quorum in the absence of a joint representative.