Tata sons to change from public to private limited status

At Annual general meeting the proposal to change Tata sons from public to private was placed. The promoter of $105 billions car to software group today got nod from the shareholders to change its status.

Atleast 75 per cent of shareholders' nod was required for the proposal to go through. Cyrus Mistry family which owns 18.4 percent of Tata Sons, was against it as it will limit their right to sell the shares to outsiders. Mistry has called it "oppression of the minority interests".

A public limited company allows shareholders to legally sell their stake to anyone. But a shareholder of a private limited firm cannot sell the shares to outside investors.