India, Sept. 21 -- A boardroom dispute at Tata Sons has turned into a fight over the future of the holding company of the Tata Group.

The Tata Sons board has approved a fresh five-year term for executive chairman N Chandrasekaran and decided to move ahead with preparations for a possible public listing. Noel Tata, chairman of Tata Trusts and the group's largest shareholder, opposed both decisions.

Noel Tata was the only director to vote against Chandrasekaran's reappointment. Tata Trusts, which collectively own about 66% of Tata Sons, has called the decision on Chandrasekaran's tenure "illegal" and is expected to challenge it.

Two questions now arise: who has the final say in Tata Sons' major decisions, and should the company remain pr...