Tata Sons, the investment holding company of the Tata group, has received shareholders’ approval for re-appointment of Saurabh Agrawal and Ralf Speth as directors for five years.
Ordinary businesses, including the dividend payment for FY23 and audited standalone and consolidated financials, were approved by the shareholders. All the resolutions were passed with the majority of the votes in favour, sources close to the development said.
At the beginning of this month, Tata Sons’ board had declared a dividend of ₹17,500 crore (₹10,000 crore in the previous year), which will result in an outgo of ₹707.26 crore (₹404.15 crore).
The shareholders ratified Agrawal’s appointment, which was through a special business, as executive director of the company for five years from November 16, 2022, to November 15, 2027. Speth’s re-appointment as a director, which was also approved, is up to September 9, 2025.
Agrawal and Speth are scheduled to retire by rotation at the ensuing AGM. They offered themselves for re-appointment, for which they were eligible, Tata Sons said in its AGM notice earlier.
Nearly 66% of Tata Sons’ stake is held by philanthropic trusts of the group, with Sir Dorabji Tata Trust and the Sir Ratan Tata Trust being the biggest among these, while the Mistry family holds a 18.4% stake. The rest is held by various Tata group companies and Tata family members.