Mumbai, Sept. 17 -- The Board of Tata Sons on Thursday approved the reappointment of N Chandrasekaran as Executive Chairman of the Tata Group for a further five-year term, while also deciding to initiate steps to comply with applicable Reserve Bank of India (RBI) guidelines and seek guidance from the central bank and other stakeholders on compliance requirements.

The decision was taken at the Tata Sons Board meeting on September 17 after Chandrasekaran agreed to reconsider his earlier decision not to seek another term. The Board approved his reappointment by a majority vote.

According to the statement, "The Board thereafter resolved by a majority vote to re-appoint him as Executive Chairman for a further term of five years upon the expi...