Ratan Tata not stepping down as chairman of Tata Trusts

Tata Trusts control a 66 percent stake in the $100 billion Tata conglomerate's holding company Tata Sons.

Tata Sons, meanwhile, argued through its counsel and former Union minister P Chidambaram that the group was well within its powers to seek Wadia's removal since the Company's Act provided for such an action if the "conduct of an independent director changes". He was also keen that a process should be in place for a smooth succession at an appropriate time.

"The next chairman has to be someone who has the right vision and be in complete alignment with the will of the Tata Group founders", said Krishna Kumar, a group veteran and a trustee of the Tata Trusts, according to the report. As per the sources, the selection process might be completed by the middle of 2017.

The Tata Sons said in a statement later that the court has allowed Tata group companies to hold their respective EGMs without any intervention and as planned.

This move comes as Tata Sons itself is looking for a chairman by the end of next February to replace ousted Cryus Mistry.

Officials in Corpus Christi: Don't drink or use tap water
But an overarching concern is an old water system where more than half of 225 miles of cast-iron pipe needs to be upgraded. The entire city of Corpus Christi, Texas was informed late Wednesday night not to use their tap water for any objective .

The suit has been filed by Nusli Wadia in the Bombay High Court, following its removal from Tata Chemicals, Tata Steel and Tata Motors boards.

V. R. Mehta, a trustee on the Sir Dorabji Tata Trust, one of several Trusts, also played down talk of Tata's departure, calling it "fairly premature".

Krishna Kumar told Reuters that talk about succession began before the current row with Mistry, adding there was "no question of an external firm being consulted".

"Although succession planning has always been on the table, the trustees have not had any meetings to discuss the hiring of any external firm", said Mehta, over the phone.

Wadia argued that he was being "singled out and targeted" only because he had publicly voiced his support for ousted chairperson of Tata Sons, Cyrus Mistry.

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