Tata Trusts reacts as its Chairman Noel Tata gets overruled at Tata Sons

Tata Trusts issued a statement opposing Tata Sons board's decision to begin IPO preparations and reappoint N Chandrasekaran as Chairman while overruling the trusts' Chairman Noel Tata. It said Tata Sons' IPO needs to be opposed to preserve the company's over 100-year-old structure and called Chandrasekaran's reappointment "illegal". "The position of Tata Trusts has remained...unchanged," it added.