Venu Srinivasan, chairman emeritus of TVS Motor, and Vijay Singh, a former bureaucrat, are set to exit as trustees of the Tata Education and Development Trust (TEDT) from May 11, after fellow trustee Mehli Mistry voted against their reappointments, reported Times of India's Reeba Zachariah.
Trust rules require unanimous consent from all trustees for a reappointment. The departures mark the latest rupture within the inner governance circle of Tata Trusts, the philanthropic edifice that owns 66% of Tata Sons, holding company of India’s largest conglomerate.
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According to TOI, Srinivasan and Singh backed each other’s continuation, while Mehli opposed both. That lone dissent vote was enough to end their tenures. Trustees Noel Tata, chairman of Tata Trusts, and Jehangir Mistry had not voted at the time of writing, and since unanimity is required, their votes would not change the outcome.
The Tata Education and Development Trust (TEDT) will be the second Tata institution that Venu Srinivasan exits in a short span. In April, he stepped down from the Bai Hirabai Trust after Mehli Mistry filed a complaint with the Maharashtra charity commissioner, alleging that the trust deed—requiring trustees to be practising Zoroastrians—was being violated. Vijay Singh, also a trustee there, did not step down.
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Following Monday’s changes, TEDT will be left with three trustees — Noel and Mehli remain as permanent appointments while Jehangir, who holds a fixed term, continues until it expires next year.
Separately, the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) filed caveats in the Bombay high court and with the charity commissioner on Monday, days before scheduled board meetings on Friday, seeking to ensure no ruling is given against them without first hearing their case.
Agenda on Friday’s meeting includes a review of Tata Trusts’ representation on the Tata Sons board, a discussion on the recent media statements by the two vice-chairmen, and a discussion of advocate Katyayani Agrawal of SV & Co’s complaint to the Charity Commissioner on the matter of perpetual trustees.
At the heart of the discord is a long-simmering debate over whether Tata Sons should remain privately held or pursue a public listing. Vijay Singh and Venu Srinivasan have, in recent public comments, explored the merits of listing, while a majority view under chairman Noel Tata has continued to favour retaining the group’s closely held structure.
Tata Trusts continues to firmly back Tata Sons’ status as an unlisted entity, with the majority of trustees supporting the existing resolution despite a few dissenting voices, people familiar with the matter said. The divergence of views remains limited and has not translated into any formal move to revisit the decision.
(With inputs from TOI)
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According to TOI, Srinivasan and Singh backed each other’s continuation, while Mehli opposed both. That lone dissent vote was enough to end their tenures. Trustees Noel Tata, chairman of Tata Trusts, and Jehangir Mistry had not voted at the time of writing, and since unanimity is required, their votes would not change the outcome.
The Tata Education and Development Trust (TEDT) will be the second Tata institution that Venu Srinivasan exits in a short span. In April, he stepped down from the Bai Hirabai Trust after Mehli Mistry filed a complaint with the Maharashtra charity commissioner, alleging that the trust deed—requiring trustees to be practising Zoroastrians—was being violated. Vijay Singh, also a trustee there, did not step down.
ALSO READ | InGovern asks directors of 7 listed Tata firms to push for listing of Tata Sons
Following Monday’s changes, TEDT will be left with three trustees — Noel and Mehli remain as permanent appointments while Jehangir, who holds a fixed term, continues until it expires next year.
Separately, the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) filed caveats in the Bombay high court and with the charity commissioner on Monday, days before scheduled board meetings on Friday, seeking to ensure no ruling is given against them without first hearing their case.
Agenda on Friday’s meeting includes a review of Tata Trusts’ representation on the Tata Sons board, a discussion on the recent media statements by the two vice-chairmen, and a discussion of advocate Katyayani Agrawal of SV & Co’s complaint to the Charity Commissioner on the matter of perpetual trustees.
At the heart of the discord is a long-simmering debate over whether Tata Sons should remain privately held or pursue a public listing. Vijay Singh and Venu Srinivasan have, in recent public comments, explored the merits of listing, while a majority view under chairman Noel Tata has continued to favour retaining the group’s closely held structure.
Tata Trusts continues to firmly back Tata Sons’ status as an unlisted entity, with the majority of trustees supporting the existing resolution despite a few dissenting voices, people familiar with the matter said. The divergence of views remains limited and has not translated into any formal move to revisit the decision.
(With inputs from TOI)
