Tata Trusts Moves To Reappoint Mehli Mistry As Lifetime Trustee
Mistry, a close confidant of former doyen Ratan Tata, was first appointed to Tata Trusts in 2022.
Tata Trusts has circulated a proposal to reappoint Mehli Mistry as a trustee for three of its key philanthropic bodies, a move that would make him a lifetime trustee, according to people familiar with the development.
The circular, issued by the CEO of Tata Trusts to other trustees on Thursday, seeks Mistry's reappointment to the Sir Ratan Tata Trust, Sir Dorabji Tata Trust and Bai Hirabai Jamsetji Tata Navsari Charitable Institution. The development comes amid reported internal divisions in the organisation.
Mistry, a close confidant of former doyen Ratan Tata, was first appointed to Tata Trusts in 2022. His three-year term comes to an end on Oct. 28.
When contacted, Tata Trusts declined to comment.
Earlier this week, Tata Trusts had unanimously reappointed Venu Srinivasan as a trustee for life, with the focus shifting to the upcoming decision regarding Mistry's renewal.
According to sources, Mistry, along with three other trustees -- Pramit Jhaveri, Jehangir HC Jehangir and Darius Khambata -- while approving Srinivasan's reappointment as trustee and Vice-Chairman of Tata Trusts, had put a condition that all renewals of trustees in future be approved unanimously, failing which their approvals would be withdrawn.
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The development comes at a time with opinions are divided on whether Mistry's continuation is automatic or requires unanimous approval from the trustees for a lifetime tenure.
Reportedly, there is a vertical split within Tata Trusts - with one faction said to align with Noel Tata, who took over as chairman following Ratan Tata's death, and the other comprising those seen as loyalists of the former doyen.
The matter had reached the government with the top brass of the Tata group, including Tata Trusts Chairman Noel Tata and Tata Sons Chairman N Chandrasekaran, meeting Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman earlier this month.
The government is understood to have told the two sides to resolve the issue amicably and not let their differences spill in the public, considering the significance of the Tata Group on India's economy.
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.
