Tata Sons to replace Mistry sooner; governance row on Sebi radar
Decision expected much before February 24 deadline; Tata Group's alleged breachÂ of governance norms a likely talking point at Sebi meeting
Nearly three months after removing Cyrus Mistry as Chairman of Tata Sons, the Tata Group is on the verge of appointing his replacement, according to Business Standard.
The USD 103-billion conglomerate had earlier set a February deadline to finalise a Chairman for Tata Sons. People familiar with the matter said the five-member selection committee comprising interim Chairman Ratan Tata, TVS Group Chairman Venu Srinivasan, Bain Capital’s Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, had held several meetings in recent weeks to zero in on a new pick.
Meanwhile, the Tata Group's alleged breach of corporate governance norms is expected to be on the agenda at a board meeting of the country's market regulator later this week.
According to a Securities and Exchange Board of India official, other items up for discussion include easing of the municipal bond framework and allowing digital payments for purchase of mutual funds. The Sebi board, which consists of the Union finance ministry and Reserve Bank of India officials, is likely to be apprised on the ongoing scrutiny of the listed Tata group firms.