‘I think the world of Chandra,’ says JPMorganChase Chairman Jamie Dimon amid reappointment row

Tata Sons boardroom tussle: JPMorganChase chairman and chief executive Jamie Dimon said that he thinks the world of N Chandrasekaran and would not want to lose him. He backed Chandrasekaran’s reappointment amid an intense boardroom tussle.

The Tata Sons board approved a fresh five-year term for Chandrasekaran but Tata Trusts chairman Noel Tata voted against the move, calling the reappointment illegal since. Noel Tata argued that Chandrasekaran had already decided not to seek another term and that Tata Trusts had accepted the decision.

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“I think the world of Chandra,” said Dimon to The Economic Times, referring to the Tata Sons chairman in his commonly-known name. “I would never want to lose him,” he said, adding that Tata Trusts or the board should feel the same. He also said that Chandrasekaran has done an exceptional job.

He also told the financial daily that if he were the government, he would worry about this kind of conflict deterring foreign investments.

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As per reports, Tata Trusts is now preparing to legally challenge Tata Sons’ board decision to reappoint N Chandrasekaran as chairman, and may seek judicial intervention to maintain the status quo on his tenure. Noel Tata stated that the resolution approving Chandrasekaran’s reappointment was "null and void ab initio" and demanded a public correction on the board meeting proceedings.

Chandrasekaran’s reappointment did comply with the company’s Articles of Association, said Tata Trusts. The Trusts maintain that specific provisions require both Trust nominee directors to be present and vote in favour of a chairman’s appointment or reappointment.

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