Mumbai: Shareholders of Tata Sons Ltd ratified all the resolutions at its annual general meeting on Thursday, according to people aware of the matter.
The holding company of the Tata group had sought shareholders’ approvals for three major resolutions including the one relating to changing its corporate structure from a public limited company to a private limited one, giving preferential shareholders voting rights if Tata Sons failed to pay the dividend for two consecutive years, amending articles of association to adopt governance measures, among other things. The proposal will have to be approved by the National Company Law Tribunal before the changes take effect.
“All resolutions placed before the AGM were passed with requisite majority,” said a person aware of the matter, requesting anonymity. The proposal needed the assent of at least 75% shareholders to pass.
The meeting at Bombay House, the company’s corporate headquarters, lasted for over an hour and was attended by N. Chandrasekaran executive chairman, Tata Sons, Ratan Tata head of Tata Trusts that controls 66% in the holding firm, and chief executives of a few operating companies that have a stake in Tata Sons and other directors on Tata Sons’ board. Cyrus P. Mistry, whose family firms—Cyrus Investments and Sterling Investments Pvt. Ltd—jointly own 18.4% in Tata Sons was represented by a proxy.