Throwing more light on the ongoing Tata Boardroom Saga, CNBC-TV18 now learns from sources that LIC is considering backing Tata Sons while voting at some Tata Group Company’s extraordinary general meeting (EGMs). Most of the Tata Group listed companies will be conducting EGMs over the next 40-45 days.
LIC is the second largest shareholder in most of the Tata Group companies. LIC believes backing promoters would be beneficial for the group companies especially in the case of highly leveraged companies like Tata Steel given the fact that the promoters are infusing funds and backing these companies, say sources. However, the final decision by LIC would be taken at each EGM. In some cases, they may even abstain from voting.
So, if LIC is onboard then Tata Sons could emerge a winner.(News Courtesy : moneycontrol)