India's Tata Sons board approves fresh five-year term for Chairman Chandrasekaran, source says

According to Business Recorder, a source said the Tata Sons board has signed off on a new five-year stint for N. Chandrasekaran as executive chairman. The approval undoes his earlier choice, made last month, to pass on another term. The source gave no explanation for the change and declined to be named, saying they lack authority to speak with the media.

The reversal comes only days after the Reserve Bank of India refused Tata Sons' application for an exemption from listing requirements. Chandrasekaran first took over as chairman in 2017 and received a further five years in 2022. His earlier decision to step aside had followed months of friction with the charitable trusts that hold 66% of Tata Sons, over strategy and governance. The report added that Tata Sons had not yet commented on the matter.