The rift in the Tata Trusts has widened. Venu Srinivasan, Noel Tata and Vijay Singh are said to have rejected Mehli Mistry’s renewal for life trusteeship.
Mistry is likely to explore legal options, sources told NDTV Profit on Tuesday. Notably, he had approved Venu's renewal on condition of the renewal of other Trustees.
Noel Tata chairs the philanthropic trust, while Vijay Singh and Venu Srinivasan are vice chairmen.
The ouster of Mistry could be challenged based on the Oct. 24 resolution passed by the Tata Trusts, sources said. NDTV Profit accessed the resolution which gives life term to the present trustees.
The resolution says, “The Trustees recognise that they are all equally responsible, charged with public duty and specifically tasked by Mr Ratan N Tata. To this end, they resolve that on the expiry of tenure of any Trustee, that Trustee will be reappointed by the concerned Trust without any limit being attached to the period of tenure of such re-appointment, and in accordance with law.”
Tata Trusts has been locked in an internal conflict over the nomination of a director to the Tata Sons board.
"The rift at Tata Trusts would impact strategic decisions at Tata Sons. On a day-to-day basis, Tata Sons is unlikely to be disrupted but strategic decisions will be affected," Shriram Subramanian, managing director and founder InGovern, told NDTV Profit.
"Tata Trust has been operating well except for the current issue. The issue will not impact Tata Trust's governance. In the interim the functioning of Tata Trusts will be smooth, even if contested," said Abizer Diwanji, founder of Neostrat Advisors LLP.
RECOMMENDED FOR YOU
Tata Trusts Moves To Reappoint Mehli Mistry As Lifetime Trustee
Tata Trusts Reappoints Venu Srinivasan For Life; Focus Shifts To Mehli Mistry Amid Internal Rifts
Tata Trust Rift: Mehli Mistry Offers Olive Branch, Approves Venu Srinivasan's Life Trusteeship
Tata Feud Resolution In Sight? Mehli Mistry May Have Softened Stance: Source
POPULAR