Amid differences, Tata Trusts takes BIG decision! reappoints this person for lifetime, not Noel Tata, Neville Tata, he is…
Tata Trusts has unanimously reappointed Venu Srinivasan as a lifetime trustee, even as attention now turns to the pending decision on renewing Mehli Mistry’s term amid reports of internal divisions within the organisation.
Srinivasan’s reappointment this week ahead of the expiry of his current term on October 23 comes against the backdrop of an alleged split within the Trusts, with one camp reportedly backing chairman Noel Tata, who succeeded the late Ratan Tata, and the other comprising loyalists of the former patriarch.
According to a PTI report citing source, confirmed that Srinivasan, chairman emeritus of the TVS Group, was reappointed through a unanimous decision. Tata Trusts declined to comment on the development.
What About Reappointment Of Mehli Mistry?
The focus now shifts to the reappointment of Mistry, whose term ends on October 28, with opinions divided on whether his continuation is automatic or requires unanimous approval from the trustees for a lifetime tenure.
Tata Trusts, the umbrella body overseeing several charitable trusts including the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, holds a 66 per cent stake in Tata Sons – the holding company of the 156-year-old Tata Group, which comprises around 400 companies, including 30 listed entities.
“Renewal and fresh appointment is required to be unanimous as per past practice. Renewal, after which it will be for life, requires unanimous approval,” said a source to PTI.
However, another person said, “The reappointment is automatic and it is applicable to all the trustees.”
Citing minutes of the joint meeting of the trustees of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust held on October 17, 2024, the report claimed it was resolved that on the expiry of tenure of any trustee, the trustee would be reappointed by the concerned trust without any limit being attached to the period of tenure.
As per the resolution, any trustee who chose to vote otherwise would be in “breach of their commitment and is not fit and proper to serve on Tata Trusts by such conduct”, the person added.
Moreover, the person said if there is any breach of the commitment by a Trustee, it will necessitate the reopening of all resolutions passed by Tata Trusts, “including the appointment of Noel Tata as a director on the Board of Tata Sons, which formed part of the October 17, 2024 Trustees’ resolution”.
(With Inputs From PTI)
News