Tata Trustees hope to resolve differences: Sources

All members of the Tata Trusts are confident that the recent deliberations will lead to a resolution of the difference, sources close to the group told CNBC-TV18.

“We are confident that the group will move forward with unity and purpose,” one of the sources said on the condition of anonymity.

The rift between the members of the Tata Trusts, which owns nearly two-thirds of a $436 billion conglomerate, Tata Sons, had been described, by some reports, as a tussle of power between Noel Tata and Mehli Mistry.

However, there now seems to be unanimous support for Noel Tata as the Chairman of the Tata Trusts.

In addition, the trustees are said to be united in their view that Tata Sons should continue as a private entity, a position reaffirmed during the latest round of meetings.

Government officials, who were reportedly concerned about possible differences among trustees,

convened a meeting earlier this week

with members of Tata Trusts and Tata Sons to understand the evolving situation.

There were differing views on the resignation of the 77-year-old Vijay Singh as a nominee director on the Tata Sons board.

While the trustees agree that appointments of nominee directors above 75 years of age are reviewed annually, a few believe that there was no provocation or compelling reason for Singh to step down at this point.

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