#715 Inside The Tata Trust Power Struggle Shaking Corporate India | Govindraj Ethiraj | The Core Report

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Nov 1, 2025

In a riveting discussion, Shriram Subramanian, an expert in corporate governance, and Hetal Dalal, COO of IIAS India, navigate the power struggle within Tata Trusts. They unveil the complexities of governance, revealing the underlying family ties, and highlight how legacy and ego impact billion-dollar decisions. As tensions rise over capital allocation and trustee roles, they offer vital insights for family-run businesses on succession planning. With Tata's influence on the market, what does this mean for investors? Tune in for a deep dive into corporate India's shifting landscape.

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INSIGHT

Trustees' Fight Over Board Influence

Tata Trusts control 66% of Tata Sons via an extra holding layer created to navigate historic regulations.
A trustee dispute over board representation and capital allocation triggered the current public feud.

INSIGHT

Philanthropy Meets Capitalism Creates Control Risk

The Tata structure is unusual: a philanthropic trust owns a controlling stake in a major capitalist holding company.
That mix creates diffused control risks once the founding entrepreneur and strong patriarch are gone.

INSIGHT

Informal Patriarchal Oversight Persisted

Trustees seek more information and influence because prior practice relied on Ratan Tata's informal blessing of major moves.
That informal oversight model clashes with modern governance expectations.

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#WatchNow | In this episode of The Core Report Weekend Edition, Financial Journalist Govindraj Ethiraj speaks with Shriram Subramanian, Founder & Managing Director of InGovern Research Services, and Hetal Dalal, President & Chief Operating Officer of Institutional Investor Advisory Services India Limited (IIAS).

They unpack the growing tensions and leadership struggle inside Tata Trusts, which control 66 percent of Tata Sons — the powerful holding company behind India’s most iconic brands: Tata Motors, Tata Steel, Titan, TCS, and Indian Hotels.

The conversation explores how a dispute among trustees has exposed deeper questions about governance, control, and succession within the Tata Group, one of the world’s most respected business empires. What does this mean for investors, the markets, and the future of India Inc?

Key themes discussed:

1) The internal power struggle at Tata Trusts and its impact on Tata Sons

2) The legacy of Ratan Tata and the leadership role of Noel Tata

3) The Shapoorji Pallonji Group’s 18% stake and the ongoing exit impasse

4) How governance, family ties, and capital allocation collide in corporate India

5) Lessons for succession planning and trust governance across family-run businesses

This deep-dive conversation goes beyond the headlines — revealing how ego, structure, and legacy shape billion-dollar decisions in Indian boardrooms.

If you follow business news, corporate governance, leadership, or the Indian economy, this episode offers crucial insights into the forces reshaping India’s biggest business empire.

🎧 Watch now to understand:

a) Why the Tata Trust dispute matters to investors and India’s markets

b) How governance conflicts can ripple through India’s largest corporations

c) What this means for the future of family-run businesses and leadership transitions

Stay tuned with The Core Report for more insights into the Tata Group, Tata Sons, and Tata Trusts power struggle shaping corporate India. Explore how governance, leadership, and succession define the future of Indian business and markets. Subscribe for more in-depth business news and analysis.

#TataTrusts #CorporateGovernance #IndiaBusiness #LeadershipCrisis #TheCoreReport