India’s most admired conglomerate is navigating an unusually public squall. The centre of gravity—Tata Trusts, the majority owner of Tata Sons—has stumbled into contention over who represents the trusts at the holding company, how information flows to trustees, and what posture to adopt on a long-debated listing. The fact that two Union ministers are slated to meet key Tata figures underscores that this is no routine reshuffle. When the quiet mechanics of stewardship falter at an institution this systemically important, tremors travel across boardrooms, banks and markets. The flashpoint: Seats, signals & stewardship At the heart of the present crisis is a deceptively narrow question with outsized consequences: who sits in the Tata Sons boardroom as nominees of Tata Trusts, and on w

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