Tata Sons board unanimous on panel for RBI compliance

MUMBAI: Even as Tata Sons board members remained divided on the reappointment of N Chandrasekaran as chairman, they were unanimous on the need to form a committee to examine options for complying with RBI's regulations for upper-layer NBFCs, people aware of the matter said. People privy to the discussions said there was no resolution on an IPO at Thursday's board meeting and no vote by directors on the matter. But Tata Sons directors across the board agreed that a team with representatives from Tata Sons, Tata Trusts and independent external members would need to engage with the central bank, Tata Trusts and other stakeholders to evolve a roadmap for compliance.The decision followed questions from Tata Trusts chairman and Tata Sons director Noel Tata on how the company intended to proceed and explore avenues to avoid a public listing.