Noel Tata exits Tata Investment board: Who is the new chairman, Bahram Vakil?

Noel Tata was appointed to the board of Tata Investment Corporation in 2004. He became the company’s chairman in 2010. He served as Managing Director of Tata International Limited from 2010 to 2021, scaling its revenue from roughly $500 million to over $3 billion.

And now, on Wednesday (November 11), he retired from the post.

Bahram N Vakil, co-founder of AZB & Partners, one of India’s leading law firms, will succeed him.

Who is he and what does his appointment mean to the company? We explain.

Why Noel Tata is stepping down

Noel Tata stepped down as chairman and director of Tata Investment Corporation after serving as chairman for 16 years. He was appointed to the company’s board in 2004 and became its chairman in 2010.

He retired at the close of business in accordance with the Tata Group Governance Guidelines. He turned 70, the retirement age prescribed under the Tata Group’s governance policy for non-executive, non-independent directors.

Also, the retirement is part of a wider reshuffle across six Tata Group companies. Noel Tata is stepping down from the boards of Trent, Voltas, Tata Investment Corporation and Tata International, while Tata Steel and Titan are also expected to see changes in their board positions.

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Noel Tata had indicated his intention to step down before the formal announcement.

At Trent’s annual general meeting in June 2026, he told shareholders that he intended to relinquish the position. He subsequently made a similar announcement at Voltas’s AGM, indicating that it would be his last as the company’s chairman.

After his retirement, Noel Tata has been named Chairman Emeritus of Tata Investment Corporation in recognition of his contribution to the company.

Noel Tata stepped down as chairman and director of Tata Investment Corporation after serving as chairman for 16 years. File image/Reuters

The Indian Express reported he will also continue as chairman of Tata Trusts and as a Tata Trusts nominee director on the board of Tata Sons, the group’s holding company. Tata Trusts and its associated trusts collectively hold approximately 66 per cent of Tata Sons.

Bahram Vakil: Co-founder of law firm AZB & Partners

Bahram N Vakil is a prominent Indian corporate lawyer and the co-founder of AZB & Partners, one of India’s leading law firms. He is known for his expertise in corporate restructuring, insolvency, bankruptcy, infrastructure and project finance.

Vakil holds a Master of Laws (LLM) degree from Columbia University in the United States. He is qualified to practise law in India and is also a member of the New York State Bar.

His expertise extends to complex corporate restructuring and insolvency matters. He has advised distressed funds, insolvency professionals, and domestic and international banks.

His work has also involved some of the large stressed accounts referred by the Reserve Bank of India for insolvency resolution.

His reputation in the legal industry has been recognised by international legal directories. The Indian Express reported that The World’s Leading Lawyers for Business described him as a lawyer valued by clients for his “smart, reliable and practical advice”.

Chambers & Partners Global has also highlighted his negotiation skills, noting that “he adds value in negotiations, ensuring both parties see the other’s point of view”.

From corporate lawyer to Tata boardroom

Before establishing himself in India’s corporate legal sector, Vakil worked as an associate at Debevoise & Plimpton and later at McCutchen, Doyle, Brown & Enersen in the San Francisco Bay Area.

From 1991 to 2001, Vakil was a partner at Mumbai-based law firm Little & Co. before co-founding AZB & Partners.

Vakil went on to establish AZB & Partners, becoming one of its founding partners. His practice focused on corporate restructuring, infrastructure, project finance and insolvency. International legal publications have repeatedly recognised his work in restructuring and project finance.

Vakil became a member of the UK Sinha Committee’s Working Group on Foreign Investment in India in 2010. He was also associated with the SEBI Advisory Group in 2011 and the Financial Sector Legislative Reforms Committee.

These appointments reflected his involvement in financial regulation and policy-making.

Vakil has also served on the Reserve Bank of India’s Task Force on the Development of the Secondary Market for Corporate Loans. His institutional experience includes working on reforms concerning insolvency, bankruptcy, financial regulation and foreign investment.

What Vakil’s appointment means for Tata Group

Vakil’s appointment was announced through a regulatory filing by the company. It will be effective from November 12, while Noel Tata’s retirement took effect at the close of business on November 11. File image/Reuters

Vakil’s appointment was announced through a regulatory filing by the company. It will be effective from November 12, while Noel Tata’s retirement took effect at the close of business on November 11.

Vakil is not an entirely new entrant to Tata Investment Corporation. He has been associated with its board as vice-chairman and independent director.

The Indian Express reported that he joined the board in March 2025, while Mint’s October 29 report described him as vice-chairman and independent director since March 2026.

Vakil’s appointment is not limited to Tata Investment Corporation. He has also been appointed chairman of Trent Ltd, the Tata Group’s retail company, with effect from November 12.

Trent operates retail businesses and brands including Westside, Zudio, Utsa and Star Bazaar.

With input from agencies