'Runaway Board': Abhishek Singhvi Backs Tata Trusts' 'Shareholder Primacy'

A "runaway board" cannot take major decisions ignoring an "active disagreement" of 66 per cent of shareholders, said senior lawyer Abhishek Manu Singhvi, who is representing Tata Trusts in the corporate dispute that broke out within the conglomerate over the re-appointment of N Chandrasekaran as Tata Sons' chairman.The Tata Sons board passed a resolution to re-appoint N Chandrasekaran as the chairman last week. Noel Tata, the chairman of Tata Trusts, which owns a 66 per cent stake in the conglomerate, voted against the move, arguing that the Tata Sons chairman had decided not to seek reappointment of his own accord and the decision was announced to the public.