Tata Trusts on Friday strongly refuted allegations relating to a 1989 transfer of shares by the Navajbai Ratan Tata Trust to the late Naval H. Tata, describing the claims as baseless, malicious, and part of an orchestrated attempt to tarnish the reputation of the Trusts and the Tata family.
The statement was issued in response to a complaint reportedly made to the Charity Commissioner regarding the transfer of Tata Sons shares that took place over three decades ago.
"Tata Trusts categorically refute these baseless allegations and shall be pursuing appropriate legal remedies to safeguard their goodwill and reputation," the Trusts said.
According to the statement, any suggestion of impropriety involving the Navajbai Ratan Tata Trust, the Sir Ratan Tata Trust, or any parties involved in the transaction is "categorically denied."
The Trusts maintained that the share transfer was lawful, executed for valid consideration, and fully compliant with the legal and regulatory framework prevailing at the time. They further stated that the transaction had received all necessary approvals and scrutiny from the relevant authorities.
ALSO READ: Zee Takes Apparel-Brand Libas To Court Over Instagram Music Use, Parties Head To Mediation
The statement noted that the transfer had been reviewed and cleared at appropriate levels, including by the late Nani A. Palkhivala, one of India's most respected legal experts. It also said that the transaction was approved by the then board of Tata Sons and was executed through a valid share transfer form that had been duly stamped by the Registrar of Companies.
Tata Trusts alleged that the accusations were aimed at damaging the reputation of the institution and members of the Tata family, including the late Ratan N. Tata, as well as Jimmy Tata and Noel Tata.
The Trusts also criticised the petitioner behind the allegations, identifying him as Suresh Tulsiram Patilkhede and describing him as a "serial litigator" who had previously initiated proceedings against the Trusts without demonstrating a proven locus standi.
Referring to a recent writ petition before the Bombay High Court, Tata Trusts said the court had expressed concerns regarding the manner in which representations had been made before permitting the petitioner to withdraw the case.
Calling the allegations a "wilful, malicious and orchestrated campaign," the Trusts said the claims lacked any factual basis and were intended to discredit an institution that has been engaged in philanthropic and nation-building activities for more than 130 years.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
