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Tata Sons to go private, tighten ownership grasp

Revised charter will keep Cyrus Mistry, outsiders at bay

  © Reuters

MUMBAI -- Tata Sons, the holding company for $103 billion conglomerate the Tata group, has received shareholder approval to convert into a private company over the objections of ousted former Chairman Cyrus Mistry, who has alleged mismanagement and intimidation.

The resolution was passed by shareholders on Thursday with the "requisite majority" of more than 75%. Mumbai's National Company Law Tribunal must still approve the change.

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