People privy to the developments at the group told CNBC-TV18 that Shapoorji Pallonji, which has an 18 percent stake in Tata Sons, approved the changes to Articles of Association (AoA). The decision to change AoA was taken after extensive discussions between Ratan Tata and Mistry, they said.
A day after Cyrus Mistry was sacked as Chairman of Tata Sons, Tata Group expanded the board of the company appointing Ralf Speth and N Chandrasekaran as Additional Directors on Tata Sons' Board. The board now consists of 11 members.
Ratan Tata will be attending his last Annual General Meeting (AGM) as Chairman of the Tata group on Friday. He will preside over the Tata Tea AGM in Kolkata.
Come December 2012, 43-year-old Cyrus Pallonji Mistry will don a new hat, when he succeeds Ratan Tata as the Chairman of Tata Sons, the holding company of over USD 80-billion Tata Group.