Tata Sons AGM Adjourned For First Time In Tata Group's History For the first time in the history of the Tata Group, the Tata Sons AGM has been adjourned as there was no requisite quorum as per sources to Times Now Digital. As per sources Noel Tata and some other directors had joined the scheduled meeting virtually while N Chandrasekaran and Director Anita George had reached Bombay House to attend the scheduled meeting. However due to lack of quorum representation the AGM has been adjourned. Currently there is a regulatory freeze on the Sir Ratan Tata Trust. Under Article 86, a quorum requires at least five members to be personally present, including one authorised representative jointly nominated by the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. The Sir Ratan Tata Trust has been restrained from holding meetings or taking decisions since May 15, following an order by the Maharashtra Charity Commissioner pending an inquiry into the trust’s board composition. Apart from the quorum concern, the scheduled meeting was to address the following: The key focus was going to be the leadership transition and the selection process for Chandrasekaran's successor for the Tata Group. As per sources Noel Tata, Chairman of Tata Trusts, visited New Delhi on Saturday (August 15) and reports suggest he met Home Minister Amit Shah and a senior official in the Prime Minister's Office (PMO). The Maharashtra Charity Commissioner is examining allegations surrounding the 1989 transfer of 833 Tata Sons shares from the Navajbai Ratan Tata Trust to late industrialist Naval H Tata. The Charity Commissioner’s office had sought an explanation from Tata Trusts Chairman Noel Tata on the circumstances surrounding the transaction, the rationale for the transfer and the legal procedure followed at the time. Noel Tata responded to the Charity Commissioner’s office, maintaining that the 1989 share transfer was carried out in compliance with the laws and requirements applicable at the time. His response comes amid allegations that the transaction may not have followed the appropriate procedures governing charitable trust assets. An external legal opinion authored by retired Supreme Court judge and former NCLAT Chairperson Justice S. J. Mukhopadhaya questioned the validity of the transaction. According to reports, the opinion argued that the transfer of the 833 Tata Sons shares without an attempt to secure fair value was contrary to provisions of the Companies Act, Tata Sons’ Articles of Association and the fiduciary obligations of trustees, and described the transaction as “void ab initio.” These are the conclusions of an external legal opinion and do not constitute a judicial or regulatory finding. The allegations have been strongly disputed by Tata Trusts, which has maintained that the transaction was lawful and complied with the rules applicable in 1989. The Trusts have rejected allegations of impropriety surrounding the transfer. The Charity Commissioner is yet to make a final determination on the validity of the transaction and the matter remains under consideration. Sakshi Bajaj is a seasoned Associate Editor with over 15 years of experience in broadcast journalism. She has anchored, scripted, produced shows and w... View More