On September 17, a heated board meeting saw Noel Tata challenge the plan to list Tata Sons and the reappointment of Natarajan Chandrasekaran. The board overruled him, deepening the split between the holding company and the philanthropic trusts.
Tata AIG General Insurance has issued directors‑and‑officers policies to both Tata Sons and Tata Trusts, allowing each side to file claims against the other for valuation losses. Neither side has yet exercised the coverage.
Although no claims have been filed, both entities have retained prominent law firms to brace for possible litigation. The legal teams are mapping out scenarios where shareholder or regulator suits could arise.
If the dispute escalates, the D&O policies could cover legal fees and other costs, potentially shaping the group’s strategy and the outcome of a bid to list Tata Sons on the stock market.