Tata Trusts Power Struggle Reaches Delhi, Noel Tata, N Chandrasekaran Meet HM Amit Shah and FM Nirmala Sitharaman Amid Rift

Tata Trusts Power Struggle Reaches National Capital, Noel Tata, N Chandrasekaran Meet HM Amit Shah and FM Nirmala Sitharaman

In a turn of events, the top management of the Tata conglomerate convened at the residence of Home Minister Amit Shah on Tuesday evening, amid deepening turmoil within Tata Trusts over governance and board appointments.

The meeting, later joined by Finance Minister Nirmala Sitharaman, underscores growing concerns in New Delhi over potential instability at one of India’s most influential business groups.

The delegation included Noel Tata, Chairman of Tata Trusts; N Chandrasekaran, Chairman of Tata Sons; Venu Srinivasan, Vice-Chairman of Tata Trusts; and trustee Darius Khambata, according to a PTI report.

According to sources, FM Sitharaman arrived later at Shah’s residence, signalling the gravity of the discussions. Those in the know said the talks focused on “ensuring smooth leadership transition and governance clarity” within the Tata Trusts, which holds a majority stake in Tata Sons, the holding company of the $350-billion Tata Group.

According to independent reports, the governance rift within Tata Trusts could spill over into the broader operations of Tata Sons, impacting its subsidiaries that include Tata Steel, Tata Motors, TCS, and Tata Capital.
 

Biggest Fight In India’s Corporate History

The ongoing rift within the Tata Trusts, the majority stakeholder in Tata Sons, reportedly started in September, when Vijay Singh, former Defence Secretary and one of the trustees of Tata Trusts, did not attend the meeting held on September 11. The meeting, which was convened to consider the reappointment of Singh as a nominated director on the Tata Sons board was not attended by Singh. The six trustees, who attended the meeting, were reportedly split, with one section aligning with Noel Tata and the other group - consisting of four trustees - aligning with Mehli Mistry, the cousin of Cyrus Mistry and a supporter of late Ratan Tata.

Tata Trusts, which exerts decisive influence over India's most valuable conglomerate through its about 66 per cent stake of Tata Sons, finds itself in the midst of infighting among its trustees over board appointment and governance issues.

Why Tata Trusts' Battle Affects Every Indian

One of the oldest conglomerates in history, with a legacy of over 16 decades, the Tata Group is virtually a part of every Indian household. From salt to watches and from hotels, jewellery and airline; from last-minute grocery delivery to television service provider - Tata Group is a massive conglomerate of over 400 companies. Through its international holdings, such as Jaguar Land Rover, and its presence across the globe through brands such as Tata Steel, the group is associated with India's global footprint and projection of a soft power. The group operates in more than 100 countries across six continents.

 

Why Tata Trusts Battle Matters To Investors

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six per cent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2024-25, the aggregate revenue of Tata companies was more than $180 billion. These companies collectively employ over one million people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 26 publicly listed Tata companies with an aggregate market capitalisation of more than $328 billion as on March 31, 2025.

Over the years, Indian shareholders, particularly the retail investors, have parked their hard-earned savings in Tata Group companies. For perspective, the market cap of Tata Motors, just one of the companies, is Rs 2,55,899 Crore. As of June 2025, 67,52,765 shareholders held 2,11,40,91,943 shares of the company. Not to mention that Tata Motors is just one of the massive brands besides Tata Consultancy Services, Tata Chemicals, Tata Steel, Tata Power, among others.

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