"And this is a problematic trend. We want stronger governance, not fewer independent voices," he added.
The Tata episode seems to have created a new anxiety in Indian family businesses. A very large business group recently called its legal team to check the composition of all its boards- whether independent directors had become too many, and whether something needed to be done. And this is a problematic trend. We want stronger governance, not fewer independent voices.
— Harsh Goenka (@hvgoenka) October 13, 2026
His remarks come amid a dispute over the leadership and proposed stock market listing of Tata Sons, the holding company of the Tata Group.
A dispute has emerged between Tata Trusts Chairman Noel Tata and the Tata Sons board over whether the holding company should remain private and whether N Chandrasekaran should continue as executive chairman.
Tata Trusts controls about 66% of Tata Sons. Noel Tata has opposed a public listing, while other directors have backed steps to comply with the Reserve Bank of India's listing requirements.
At its September 17 meeting, the Tata Sons board also voted to reappoint Chandrasekaran for another five-year term, despite Noel Tata's opposition.
The resolution passed by a 4:1 majority, with Venu Srinivasan, Harish Manwani, Anita George and Saurabh Agrawal voting in favour.
Noel Tata voted against the proposal, while Chandrasekaran abstained.
Noel Tata has challenged the validity of the decision, arguing that the company's governance rules require the support of a majority of Tata Trusts' nominee directors.
According to a Bloomberg report, Noel Tata had reached out to the heads of some of India's largest family-controlled conglomerates ahead of the September 17 board meeting.
The outreach was intended to explain Noel Tata's position to influential business leaders with connections across corporate India and New Delhi.
The effort came as differences between Noel Tata and Chandrasekaran intensified over the future direction of Tata Sons.