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Tata Trust meeting postponed

Investors' wait for the possible IPO of Tata Sons, the holding company of Tata Group, may be longer at present. The important board meeting between Sir Dorabji Tata Trust and Sir Ratan Tata Trust to be held today has been postponed till May 16 due to legal and internal issues. In this meeting, the stance of the trusts regarding the board representation and listing of Tata Sons was to be discussed. Due to postponement of the meeting, uncertainty in the market regarding IPO has increased further.

Earlier this meeting was proposed today i.e. on 8th May. Even before this its date was changed. Initially the meeting was scheduled for May 12, but later it was shifted to May 8. The constantly changing dates have further intensified the discussions and speculations regarding the possible listing of Tata Sons.

What was the decision?

According to media reports, the meeting was to review the representation of trusts in the board of Tata Sons. Besides, a discussion was also proposed on the role and stance of some nominee directors. Especially the recent statements of the two vice-presidents of the trusts, Vijay Singh and Venu Srinivasan, have made this issue more sensitive. Both the leaders had publicly talked about the possible benefits of Tata Sons' listing, which is being considered as a pro-IPO stance.

Will have to wait for IPO

However, the majority within Tata Trusts is still believed to be in favor of keeping the company a privately owned entity. The current philosophy under the leadership of Chairman Noel Tata is to retain the existing closely held structure of Tata Sons. According to the report, at present the differences within the trusts are at a limited level and no formal proposal is being considered regarding IPO. Despite this, the postponement of the meeting is being considered as an indication that intense brainstorming is going on within the Tata Group regarding listing. In such a situation, investors may have to wait longer for the IPO of Tata Sons.

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