Noel Tata has said Trent’s 74th annual general meeting (AGM) will be his last as chairman, concluding a historic tenure where he built the Tata retail firm from a single storefront in Bengaluru into a leading Indian fashion and lifestyle giant.
“As you might be aware, this will be my last annual general meeting as chairman,” Tata (69) on Tuesday told shareholders of the company, which operates fast-fashion retail stores, such as Westside and Zudio.
Noel Tata, who is also chairman of Tata Trusts and the largest shareholder of Tata Sons, will turn 70 in November this year. The Companies Act, 2013, mandates that any managing director or whole-time director cannot be appointed or continue employment if they are 70 years of age or older.
However, as an exception, they can be appointed only with shareholder approval through a special resolution, or with Central approval if only an ordinary resolution is passed.
Thanking shareholders, employees and partners for their support over the years, Tata said the company had evolved into a strong and resilient retail platform with a clear focus on creating long-term value.
