Stock advisory Company Tata Sons seeks nod to strengthen governance

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Tata Sons Ltd has sought to retain the characteristics of a public firm even though it has proposed converting itself into a private limited company, its notice to shareholders shows.The firm even though it has proposed converting itself into a private limited company, its notice to shareholders shows.The firm even though it has proposed converting itself into a private limited company, its notice to shareholders shows.The firm even though it has proposed converting itself into a private limited company, its notice to shareholders shows.

Among other things, the firm has sought to amend its articles of association so that they align with the Companies Act, 2013. For instance, Tata Sons are seeking permission to introduce the definition of an independent director and norms pertaining to related-party transactions, two things typically required of only public companies.

Unlike a public limited company, a private limited firm doesn’t mandatorily have to appoint independent directors or female directors and constitute a remuneration and audit committee.mandatorily have to appoint independent directors or female directors and constitute a remuneration and audit committee.