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Tata Trusts Calls Tata Sons Chairman's Reappointment 'Illegal', Warns Against IPO

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Tata Trusts, the 66% majority shareholder of Tata Sons, has opposed the board's decision to reappoint Chairman N. Chandrasekaran for another five-year term, labeling the move "illegal," according to a Thursday statement.

Chandrasekaran had earlier decided not to offer himself for reappointment upon the conclusion of his current tenure in February 2027.

The dispute also centers on the board's separate approval to initiate a public listing to comply with Reserve Bank of India shareholding guidelines.

Tata Trusts Chairman Noel Tata, in a separate statement, said the company should explore alternatives and warned that an IPO would "destroy" the character of the Tata Group.

What else is happening in Asia?

Asia

Market Chatter: China Airlines Plans Codeshare Partnership with Britain's Virgin Atlantic

China Airlines (TPE:2610) plans to launch codeshare partnership with Britain's Virgin Atlantic Airways, according to a Focus Taiwan report on Wednesday, quoting the airlines' president Kevin Chen.Initially, China Airlines, and Virgin Atlantic will share flight codes on each other's services and will subsequently tap into complementary route networks to faciliate better flight services between Taiwan and the UK, Chen said.China Airlines' sahares were up over 1% in Thursday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TPE:2610
Asia

China Petrochemical Unit Wins Court Ruling Revoking Land Seizure

China Petrochemical Development (TPE:1314) unit Core Pacific Development won a ruling from the Taiwan High Court, that revoked a criminal seizure order on a plot of land in Taipei, Taiwan.The land had been subject to four seizure rulings issued by the Taipei District Court at the request of the Taipei District Prosecutors Office.The company said the matter has no financial or business impact.

TPE:1314
Asia

Lotus Pharmaceutical's Unit to Reduce Capital by $70 Million

Lotus Pharmaceutical's (TPE:1795) subsidiary, Lotus International, will reduce its capital by $70 million, according to a Wednesday filing with the Taiwan Exchange.The reduction involves the cancellation of 70 million shares as part of the group's capital utilization plan.Following the reduction, Lotus International's share capital will stand at $16.1 million.

TPE:1795