LIC may back Tata Sons while voting in some Tata Grp Co EGMs

Throwing more light on the ongoing Tata Boardroom Saga, CNBC-TV18 now learns from sources that LIC is considering backing Tata Sons while voting at some Tata Group Company's extraordinary general meeting (EGMs).Most of the Tata Group listed companies will be conducting EGMs over the next 40-45 days.LIC is the second largest shareholder in most of the Tata Group companies.LIC believes backing promoters would be beneficial for the group companies especially in the case of highly leveraged companies like Tata Steel given the fact that the promoters are infusing funds and backing these companies, say sources. However, the final decision by LIC would be taken at each EGM. In some cases, they may even abstain from voting.So, if LIC is onboard then Tata Sons could emerge a winner.Quick glimpse of LIC’s shareholding in some of the Tata Group CompaniesIndia HotelsTata Group holds 38.70 percent, while LIC holds 8.80 percentTata ChemicalsTata Group 30.80 percentLIC 3.30 percentTata PowerTata Group 33 percentLIC 13.10  percent Tata MotorsTata Grou 33 percentLIC 5.10 percentTata GlobalTata Group 35.70  percentLIC  10.20 percentFor more, watch