Summaries by Sumit Agrawal, M. Damodaran

The article critically dissects the process of N. Chandrasekaran's third term as Tata Sons chairman, highlighting significant procedural irregularities. It questions the Board's decision, given the Articles of Association require a selection committee and an affirmative majority of Trust-nominated directors, which was not met. The authors also scrutinize the independent director's casting vote and the implications of a Charity Commissioner's directive impeding the selection process. Urgent concerns include holding an AGM, future leadership post-2027, and the apparent waiver of the executive retirement age. The decision's validity and lack of unanimity are central issues.

The Securities Markets Code 2025 contains a critical drafting error in Clause 93(b), using "or" instead of "and" when defining prohibited information. This means investors possessing either material or non-public information could face severe criminal penalties, unlike the intended target of information that is simultaneously material and non-public. This departs from international norms and India’s own regulatory evolution. Furthermore, the Code fails to define "deal in securities," leading to inconsistent enforcement and legal ambiguity. These imprecisions have significant constitutional implications, warranting urgent corrections before enactment to ensure clarity and fair application of law.