11月份对塔塔集团（Tata Group）而言正成为一个决定性的月份。塔塔信托基金（Tata Trusts）主席诺埃尔·塔塔（Noel Tata）与塔塔之子（Tata Sons）之间围绕恩·钱德拉塞卡兰（N Chandrasekaran）连任问题的争端已进入新阶段，未来几周内有多项关键日期。诺埃尔·塔塔称连任无效在10月26日致塔塔之子公司秘书苏普拉卡什·穆克霍帕迪亚（Suprakash Mukhopadhyay）的一封信中，诺埃尔·塔塔称通过钱德拉塞卡兰连任的决议无效。
November is shaping up to be a decisive month for the Tata Group. The dispute between Tata Trusts chairman Noel Tata and Tata Sons over N Chandrasekaran’s reappointment has moved into a new phase, with several key dates lined up over the next few weeks. Noel Tata Calls Reappointment VoidIn a letter dated October 26 to Tata Sons company secretary Suprakash Mukhopadhyay, Noel Tata called the resolution reappointing Chandrasekaran void.
该决议于9月17日在塔塔之子董事会会议上获得通过，使钱德拉塞卡兰从2027年2月21日起再担任5年执行主席。
The resolution, passed at the Tata Sons board meeting on September 17, gives Chandrasekaran another 5-year term as executive chairman from February 21, 2027.
诺埃尔·塔塔辩称，此次连任不在会议议程之上。最初的议程仅列入了提名与薪酬委员会（Nomination and Remuneration Committee）的情况汇报。他还表示，根据塔塔之子《公司章程》（Articles of Association）第118条，并未成立遴选委员会（Selection Committee）。他进一步主张，根据《公司章程》，信托基金的提名董事必须投赞成票，此类决议方能通过。他对此投了反对票。
Noel Tata has argued that the reappointment was not on the meeting’s agenda. The original agenda listed only a debriefing from the Nomination and Remuneration Committee. He has also said no Selection Committee was set up under Article 118 of Tata Sons’ Articles of Association. He has further contended that under the Articles, the Trusts’ nominee directors must vote in favour for such a resolution to pass. He voted against it.
这封信要求提供9月17日会议的音视频录音、最终会议纪要以及投票详情。信件还要求披露TVS汽车公司（TVS Motor）与汉诺一号仓储公司（Hanno One Warehousing）之间的交易情况，根据信件内容，后者的董事包括钱德拉塞卡兰的妻子和儿子。TVS汽车公司名誉主席韦努·斯里尼瓦桑（Venu Srinivasan）是塔塔之子董事会的第二位塔塔信托基金提名董事。他投票赞成此次连任。
The letter seeks the audio and video recordings of the September 17 meeting, the final minutes and the voting details. It also seeks disclosures on dealings between TVS Motor and Hanno One Warehousing, a company whose directors, according to the letter, include Chandrasekaran’s wife and son. Venu Srinivasan, chairman emeritus of TVS Motor, is the second Tata Trusts nominee on the Tata Sons board. He voted in favour of the reappointment.
诺埃尔·塔塔要求在7天内予以回复。他表示，这封信不应被解读为对该决议有效性的接受。
Noel Tata has asked for a response within 7 days. He has said the letter should not be read as acceptance of the resolution’s validity.
这并非他发出的第一封此类信件。他曾于9月30日和10月8日致信该公司。塔塔之子坚持决议有效塔塔之子坚称此次连任有效。该公司在9月24日的一封信中告诉诺埃尔·塔塔，董事会以多数票批准了连任。信中称，他所引用的《公司章程》下的特殊程序并不适用。
It is not his first such letter. He had written to the company on September 30 and October 8. Tata Sons Stands By The ResolutionTata Sons has maintained that the reappointment is valid. In a letter dated September 24, it told Noel Tata that the board approved the reappointment by a majority vote. It said the special procedure under the Articles cited by him does not apply.
该公司以印度前首席大法官乌·乌·拉利特（UU Lalit）和最高法院前法官比·恩·斯里里德哈纳（BN Srikrishna）的法律意见来支持其立场。塔塔父子（Tata Sons）还表示，相关信息已向昌德拉塞卡兰担任主席的公司进行了披露，并且塔塔父子无需披露TVS汽车（TVS Motor）的交易。梅利·米斯特里案梅利·米斯特里（Mehli Mistry）是已故拉坦·塔塔（Ratan Tata）的密友，曾同时担任多拉吉·塔塔爵士信托基金（Sir Dorabji Tata Trust）和拉坦·塔塔爵士信托基金（Sir Ratan Tata Trust）的受托人。
The company backed its position with legal opinions from former Chief Justice of India UU Lalit and former Supreme Court judge BN Srikrishna. Tata Sons has also said the relevant disclosures were made to the companies Chandrasekaran chairs, and that the TVS Motor transaction did not require disclosure to Tata Sons.
2025年10月28日，随着6名受托人中的3人诺埃尔·塔塔（Noel Tata）、韦努·斯里尼瓦桑（Venu Srinivasan）和维杰·辛格（Vijay Singh）反对其连任，他的任期结束。
The Mehli Mistry CaseMehli Mistry, a close confidant of the late Ratan Tata, was a trustee of both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust .
此后，米斯特里已向马哈拉施特拉邦慈善专员（Maharashtra Charity Commissioner）提起交涉。他指控多拉吉·塔塔爵士信托基金以及另一个塔塔信托基金——拜·希拉拜·詹姆塞特吉·塔塔纳夫萨里慈善机构（Bai Hirabai Jamsetji Tata Navsari Charitable Institution）存在治理失误和利益冲突。他还对信托基金在他离任后提交的变更报告提出了异议。这些报告记录了受托人的变更。
His term ended on October 28, 2025, after 3 of the 6 trustees, Noel Tata, Venu Srinivasan and Vijay Singh, opposed his reappointment. Mistry has since approached the Maharashtra Charity Commissioner. He has alleged governance lapses and conflicts of interest at SDTT and at the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, another Tata trust. He has also objected to change reports filed by the trusts after his exit. These reports record changes in trustees.
米斯特里还对诺埃尔·塔塔担任拜·希拉拜信托基金受托人的资格提出了质疑。他援引了该信托契约中的条款，该条款要求受托人必须是帕西（Parsi）社群中信奉琐罗亚斯德教（Zoroastrian）的人。他已要求慈善专员指示诺埃尔·塔塔提交一份宣誓书，以确认他符合这些要求。
Mistry has also questioned Noel Tata’s eligibility to be a trustee of the Bai Hirabai trust. He has cited clauses in its trust deed that require trustees to be practising Zoroastrians from the Parsi community. He has asked the Charity Commissioner to direct Noel Tata to file an affidavit confirming he meets the requirements.
这些信托基金驳回了他的指控，并对他的诉讼主体资格（locus standi）提出了质疑。他们辩称，只有在职受托人或受益人才可以对变更报告提出异议，而米斯特里在提出异议时两者都不是。他们已要求在审查其投诉的实质内容之前，就案件的可诉性做出初步裁决。米斯特里必须在11月5日之前做出回应，该案也将于当天再次开庭审理。
The trusts have rejected his allegations and questioned his locus standi. They argue that only a serving trustee or a beneficiary can object to a change report, and that Mistry was neither when he filed his objections. They have sought a preliminary ruling on maintainability before the merits of his complaints are examined. Mistry has until November 5 to reply, which is also when the matter will next be heard.
米斯特里曾表示，他无意重返受托人岗位。僵局的代价只要慈善专员的命令阻止拉坦·塔塔爵士信托基金召开董事会会议，该信托基金就无法与多拉吉·塔塔爵士信托基金联合提名代表。没有该代表，塔塔父子的年度股东大会就无法达到法定人数。
Mistry has said he does not wish to return as a trustee. The Cost Of The DeadlockAs long as the Charity Commissioner’s order keeps SRTT from holding board meetings, SRTT cannot jointly nominate a representative with SDTT. Without that representative, the Tata Sons AGM cannot meet its quorum.
因此，年度股东大会仍然陷入僵局，塔塔父子公司（Tata Sons）2026财年的财务账目和股息审批也随之搁置。
So the AGM stays stalled, and with it the approval of Tata Sons’ FY26 accounts and dividend.
塔塔父子公司董事会建议2026财年每股派发110,717卢比的股息。这将带来总计4,478.58亿卢比的派息，比前一年增长70.6%。其中约2,900亿卢比将流向塔塔慈善信托基金（Tata Trusts）。
The Tata Sons board has recommended a dividend of ₹1,10,717 per share for FY26. That is a total payout of ₹4,478.58 crore, up 70.6% from a year earlier. About ₹2,900 crore of it would go to Tata Trusts.A complaint filed before the Charity Commissioner estimates that the Trusts are losing about ₹55.6 lakh a day in potential investment returns while the dividend is held up.
向慈善专员（Charity Commissioner）提交的一份投诉估计，在股息被搁置期间，这些信托基金每天损失约55.6万卢比的潜在投资回报。该估计假设2,900亿卢比的年回报率为7%。
The estimate assumes a 7% annual return on the ₹2,900 crore.
作为背景，根据其年度报告，塔塔慈善信托基金在2026财年支出了1,556.31亿卢比。来自塔塔父子公司的股息是该项工作的主要收入来源。值得关注的关键日期11月上旬：诺埃尔·塔塔（Noel Tata）为塔塔父子公司回复其10月26日信函设定了7天的最后期限。
For context, Tata Trusts disbursed ₹1,556.31 crore in FY26, according to its annual report. The dividend from Tata Sons is the main source of income for that work. Key Dates to WatchEarly November: Noel Tata’s 7-day deadline for Tata Sons to respond to his October 26 letter.
11月5日：慈善专员听取梅利·米斯特里（Mehli Mistry）案。
November 5: The Charity Commissioner hears the Mehli Mistry matter.
11月7日：塔塔钢铁公司（Tata Steel）董事会开会批准第二季度业绩。该会议最初定于10月27日举行。钱德拉塞卡兰（Chandrasekaran）是塔塔钢铁公司董事长，诺埃尔·塔塔是副董事长，因此两人很可能自9月17日以来首次面对面。
11月9日：大流士·坎巴塔（Darius Khambata）作为瑟拉布杰·达德布海·塔塔爵士信托基金（SDTT）受托人的任期结束。
November 7: The Tata Steel board meets to approve second-quarter results. The meeting was originally scheduled for October 27. Chandrasekaran is Tata Steel’s chairman and Noel Tata its vice-chairman, so the two are likely to come face to face for the first time since September 17.
11月12日：诺埃尔·塔塔年满70岁，这是该集团非执行董事的退休年龄。他将卸任特伦特公司（Trent）、泰坦公司（Titan）、塔塔钢铁公司、沃尔塔斯公司（Voltas）、塔塔投资公司（Tata Investment Corporation）和塔塔国际公司（Tata International）的董事职务。他将继续担任塔塔慈善信托基金在塔塔父子公司董事会的提名董事。
November 9: Darius Khambata’s term as an SDTT trustee ends. November 12: Noel Tata turns 70, the retirement age for non-executive directors in the group. He will step down from the boards of Trent, Titan, Tata Steel, Voltas, Tata Investment Corporation and Tata International. He will continue as a Tata Trusts nominee director on the Tata Sons board.
11月下旬：预计召开下一次塔塔父子公司董事会会议。具体日期尚未公布。
Second half of November: The next Tata Sons board meeting is expected. A date has not been announced.
12月：韦努·斯里尼瓦桑（Venu Srinivasan）作为多拉吉·达德布海·塔塔爵士信托基金（SRTT）受托人的任期结束。
December: Venu Srinivasan’s term as an SRTT trustee ends.
12月31日：在公司获得公司注册处（Registrar of Companies）的延期批准后，召开塔塔父子公司延期年度股东大会的最后期限。
December 31: The deadline to hold Tata Sons’ adjourned AGM, after the company secured an extension from the Registrar of Companies.
年度股东大会能否召开，以及股东们如何就钱德拉塞卡兰继续担任董事进行投票，可能会决定这场争端的结果。
Whether the AGM can be held, and how shareholders vote on Chandrasekaran’s continuation as a director, could decide the outcome of the dispute.
钱德拉塞卡兰必须继续担任董事，才能继续担任董事长。Aeroflex Industries公司上调2027财年营收和息税折旧摊销前利润（EBITDA）增长目标后，股价飙升18%
Chandrasekaran must remain a director to continue as chairman. Aeroflex Industries shares jump 18% after company raises FY27 revenue, EBITDA growth targets