New Delhi, Aug. 13 -- The most revealing sentence in N Chandrasekaran's resignation letter was not that he had decided to step down as chairman of Tata Sons.

It was his explanation of why.

After recounting that both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust had unanimously recommended a five-year extension to his tenure, and that Tata Sons's nomination and remuneration committee had endorsed it, Chandrasekaran wrote that the proposal "was not carried through because one of the Board Members did not support it". Six months had passed since the February board meeting and a decision was not forthcoming - leaving a gap in leadership clarity, which he said was essential for employees, investors, partners, and other stakeholders...