Chandra’s term as a board member ends in March next year. However, it is not clear whether he will complete his term or leave earlier.
He has already stepped down as a trustee of various Tata trusts. Chandra was also the only representative on the Tata Sons board representing the trusts. 9.56When contacted, he declined to comment on the issue.
Sources in the know say Chandra took the step because he was not being able to give adequate time to the trust run by his wife and in which he is closely involved, as well as Bain Capital, the private equity (PE) fund in which he is managing director.
The PE company has been scouting for large deals and a few months ago had completed a major deal to acquire a stake in Axis Bank. According to reports, it has also been in the running for acquiring a stake in Aadhar Housing Finance, which is part of the Wadhwan group.
Chandra is involved in many NGOs across the country. He has also been known for championing philanthropy and has devoted a substantial portion of his income to various projects.
He was appointed to the Tata Sons board in 2016 just after industrialists Ajay Piramal and Venu Srinivasan were inducted into the board. Then there was a bitter battle between the then chairman, Cyrus Mistry, and Ratan Tata on the running of the group.
Chandra was one of directors who voted for the ouster of Mistry from the board, and it was followed by a long, legal battle with the sacked chairman questioning his ouster in the courts.
Chandra was a key member of the search committee set up under the leadership of Ratan Tata to appoint a new chairman for the group. The committee appointed TCS boss Natarajan Chandrasekharan chairman.
Prior to Bain Capital, Chandra spend substantial time in DSP Merrill Lynch, in which he became managing director. He retired in 2007 to join Bain.
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