N Chandrasekaran had majority backing. So why couldn't he continue as Tata Sons chairman?

N Chandrasekaran's exit from Tata Sons highlights the unusual governance structure of the Tata Group's holding company. Although the Tata Trusts backed his continuation and three of their four nominees supported him, one nominee's dissent proved significant. Corporate lawyer Mohit Saraf explains how affirmative rights attached to Tata Trust nominees can influence key decisions beyond a simple board majority.