JPMorgan's Dimon backs Chandrasekaran, warns Tata rift could hit investment

Jamie Dimon praised Tata Sons Pvt. Chairman Natarajan Chandrasekaran and cautioned that the governance conflict roiling one of India’s oldest conglomerates risks denting foreign investor confidence, according to an interview with the Economic Times.

“I think the world of Chandra,” Dimon, the chief executive officer of JPMorgan Chase & Co., told the newspaper, using the name by which the Tata Sons chairman is commonly known. “I would never want to lose him,” Dimon said, adding that Tata Trusts or the board should feel the same.

Dimon’s remarks come as Tata Sons’ board faces-off with its controlling shareholder Tata Trusts — a clash that is increasingly drawing scrutiny from investors and policymakers and raising questions about governance norms at one of India’s most influential business houses.

The board last week overruled the Trusts — which owns 66% of Tata Sons — on twin proposals to take the firm public and extend Chandra’s term by five years. The defiance was described as a “mutiny of the board” by proxy advisory firm Institutional Investor Advisory Services India.

Dimon said public transparency and consistent governance standards were essential for attracting global capital. “If I were the government, I would be concerned that this kind of conflict could deter foreign investment,” he told the Economic Times.

The longtime JPMorgan Chase CEO said his view was that public transparency is a good thing, but added that the situation is complex and that he does not know all the details.