Tata Trusts chief executive Venkataramanan resigns after tax exemption row

Tata Trusts chief executive R Venkataramanan has resigned from his post, TV reports said on Wednesday days after the philanthropic organisation saw its income tax exemption being withdrawn allegedly over Venkatramanan’s compensation.

 

Venkatramanan, who was designated managing trustee, will “relinquish responsibilities” on March 31, said ET Now citing a press release from the trust. A committee comprising Ratan Tata, Vijay Singh and Venu Srinivasan has been set up to select a new chief executive.

Noel N Tata, chairman of Trent Ltd, and philanthropist Jehangir HC Jehangir have been appointed trustees of Sir Ratan Tata Trust.

The development comes at a time when tax exemption status provided to philanthropic trusts endowed by members of the Tata family, was reportedly withdrawn because of the remuneration paid to Venkataramanan.

He was also subject of an investigation by the CBI last year for allegedly trying to manipulate government policies through corrupt means to get an international licence for AirAsia India.

Tata Trusts had, however, had come out in support of him.