The Mistry family, which owns 18.4 per cent of Tata Sons, had generally known as the switch “oppression of the minority interests” and acknowledged that it may vote in the direction of the proposal.
Tata Trusts holds 66 per cent in Tata Sons.
The voting pattern was not immediately acknowledged. At least 75 per cent of shareholders’ nod was required for the proposal to bear.
The switch comes just about a 12 months after Mistry was ousted as chairman of the Tata Group, triggering a bitter boardroom battle. N Chandrasekaran was appointed Chairman in January this 12 months.
A public restricted agency permits shareholders to legally promote their stake to anyone. But a shareholder of a personal restricted company cannot promote the shares to open air consumers.
In a uncover to its shareholders, Tata Sons’ board had sought approval by the use of specific resolutions to amend its article of associations to ship regarding the change.