Tata Sons reappointed N. Chandrasekaran as chairman on September 17 and agreed to move toward a stock market listing, Reuters reported — two decisions made despite public objection from Tata Trusts. These charitable trusts own 66% of the holding company. The vote does not settle the group's direction so much as expose that authority to set one remains contested. India's largest conglomerate, with US$185 billion of combined revenue last financial year, is now running on a contested reading of its own articles of association.
A recommended corporate-fraud investigation would reach Xiaomi at the weakest point its India business has known. India's Serious Fraud Investigation Office (SFIO) has proposed a detailed probe into alleged irregularities in the company's business model and its compliance with foreign investment law, according to a government memorandum drafted in May and reported by Reuters on September 9.
