Tata Trusts vice chairman Vijay Singh resigns from Tata Sons board ahead of key meeting
This was Singh’s second stint with Tata Sons. He first joined the board in 2013 but stepped down in 2018 upon turning 70
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Tata Trusts vice-chairman Vijay Singh has resigned from the board of Tata Sons, just a day before the company’s scheduled board meeting.
Singh’s exit comes at a crucial time, as the Tata Group faces mounting pressure to meet the Reserve Bank of India’s deadline for its Initial Public Offering (IPO). The Tata Trusts hold two-thirds of Tata Sons’ shareholding, making them a key stakeholder in the apex holding company of the group. With Singh’s resignation, the Trusts’ representation on the board is now limited to Noel Tata, chairman, and Venu Srinivasan, vice-chairman, according to a reprot by Times of India.
This was Singh’s second stint with Tata Sons. He first joined the board in 2013 but stepped down in 2018 upon turning 70. He was reappointed in February 2022 at the age of 74, after former Tata Group chairman Ratan Tata introduced changes to the board’s age-cap policy.
Under the revised norms, Tata Group’s nominee directors do not have a retirement age, while the retirement limits for executive, non-executive, and independent directors are 65, 70, and 75, respectively.
The Tata Sons board was scheduled to meet on Friday to discuss the RBI-mandated IPO timeline for the company and its subsidiary, Tata Capital. Tata Capital has sought a short extension from the RBI to launch its $1.9 billion IPO, which it aims to roll out in the first half of October.
