The Mistry family, which owns 18.4 per cent of Tata Sons, had called the move “oppression of the minority interests” and stated that it would vote against the proposal.
Tata Trusts holds 66 per cent in Tata Sons.
The voting pattern was not immediately known. At least 75 per cent of shareholders’ nod was required for the proposal to go through.
The move comes almost a year after Mistry was ousted as chairman of the Tata Group, triggering a bitter boardroom battle. N Chandrasekaran was appointed Chairman in January this year.
A public limited company allows shareholders to legally sell their stake to anyone. But a shareholder of a private limited firm cannot sell the shares to outside investors.
In a notice to its shareholders, Tata Sons’ board had sought approval through special resolutions to amend its article of associations to bring about the change.