Mumbai, Oct. 30 -- Tata Trusts Chairman Noel Tata has written two separate letters to the Tata Sons board which propose to reorganise Tata Sons aimed at avoiding Reserve Bank of India (RBI) regulatory norms to list the holding company on the stock and pay Rs 25,000 crore to minority Tata Sons shareholder Shapoorji Pallonji (SP) Group.
Noel Tata has sought placing both proposals on the agenda of the Tata Sons November 26 meeting.
Noel Tata has invoked Article 121B of Tata Sons' Articles of Association, which allows any director to place a matter before the board with at least 15 days' notice.
Each letter includes a draft resolution that Tata Trusts Chairman Noel Tata wants the board to vote on.
To comply with RBI norms and yet avoid a li...