New Delhi, Sept. 24 -- Tata Sons, India's oldest and one of the country's largest conglomerates, is navigating uncharted waters as the Tata Trusts, which has a controlling 66% share in Tata Group, is at war with the latter's board of directors. The key figures in the boardroom drama are Noel Tata, who serves as the Chairman of the Tata Trusts and N Chandrasekaran, the Chairman of Tata Sons.

At the core of the dispute is Chandrasekaran's continued role in Tata Sons and the larger question of whether to publicly list the holding company. A big issue that divides Noel and Chandra is the former's belief in that the Tata Group needs tighter financial discipline. Noel in another board meeting earlier this year had asked Chandra tough questions...