Mumbai: Tata Sons on Thursday got the shareholders approval to convert it into a private company from a public limited holding that will help it become more swift in decision making.
“All resolutions placed before the AGM (annual general meeting) were passed with requisite majority,” a Tata Sons source said.
As much as 66 per cent of Tata Sons is owned by Tata Trusts. Two Shapoorji Pallonji family firms, Cyrus Investments and Sterling Investment, own 18.4 per cent.
The remaining shares are with the Tata family, a few group companies and individuals.
Earlier Tata Sons’ move to become a private company was opposed by its former Chairman Cyrus Mistry’s family terming it as an act of oppression of minority shareholders.
