Mumbai: Ratan Tata, interim chairman, Tata Sons, has clarified that there are no plans of him stepping down from the chairmanship of the Tata Trusts at this point in time, Tata Sons said in a statement.
The Times of India and the Economic Times on Friday reported Ratan Tata is most likely to step down as chairman of the Tata Trusts. It said, the Trusts have asked an external consultant to advise them on the selection process, which could be completed by middle of next year.
The Tata Trusts which controls 66% in the holding company has been at the centre of the crisis that has rocked the $103 billion-conglomerate since 24 October, the day Tata Sons dismissed it’s chairman Cyrus P. Mistry as its chairman.
The reference to the media discussion with some Trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership, Tata Sons said.
Tata Sons has also emphasized that the Trusts were undertaking many initiatives that had national impact and he is looking forward to continuing his involvement with these initiatives in the Trusts. Ratan Tata was, however, keen that a process should be in place for a smooth succession at an appropriate time, it said.