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“On 12 August 2026, Chandrasekaran communicated to the Tata Sons Board, his own decision not to offer himself for reappointment- a decision that was freely taken, clearly expressed and not the outcome of any process of review. It was made public without prior intimation or any deliberations with the shareholders of the company. Once such a decision has been publicly communicated, it has consequences which cannot be afterwards undone, since the Group’s employees, its lenders and counterparties, the market and the majority shareholder have all proceeded on it,” the statement said.