While the attention has been focussed on the Ambani drama, another important event has almost slipped under the radar. Ratan Tata getting an extension by 5 years. The board of Tata & Sons has raised the retirement age of non-executive directors to 75 yrs. Mr. Tata is currently the non-executive chairman of the Tata Group.
This is a link to the press release.
http://www.tata.com/tata_sons/releases/20050627.htm
It is however upto Mr.Tata whether he chooses to continue after 2007, when he would turn 70. The reason why this is important is because in the 90's it is using the retirement age rule he introduced that Mr. Ratan Tata wrested control of Tata Steel from Russi Mody and Indian Hotels from Ajit Kerkar. Now it seems the board thinks its time to change the rules again.
But at the same time, there is no threat to Mr. Tata's position right now and if anything he is at the strongest he has ever been with the Tata group's rapid acquisitions in the last 5 years making it a strong Indian Multinational player.
Mr. Tata has always believed in playing fair. The question is, after these new rules, would it still be playing fair?
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.... c'est la vie! 
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