Tata Trusts

The Sir Ratan Tata Trust (SRTT) is in "non-compliance" of an amended law in Maharashtra limiting the number of life trustees on a body, and should take urgent corrective steps, a legal opinion has said. The number of life trustees should come down to one from the present three, as per the opinion given by former Supreme Court Judge Justice Krishna Murari. "It is evident that the present composition of the Board of Trustees of the Sir Ratan Tata Trust, comprising three life trustees out of a total of six, is not in conformity with the mandate of Section 30A(2) of the Maharashtra Public Trust Act, 1950," the opinion, a copy of which has been reviewed by PTI, said. The opinion assumes significance as a lawyer has filed a petition with the Maharashtra Charities Commissioner alleging violations by the SRTT with regard to appointment of lifetime trustees. At present, there are six trustees on the SRTT of which three are lifetime ones. The lifetime trustees are late Ratan Tata's brother

As wealth becomes more complex, the trust structure is emerging as a vital tool for founders and families. Here's a simple breakdown of what they are, how they function, and why they matter

Tata Trusts on Sunday said trustees of the Bai Hirabai Trust have decided to adopt proceedings before appropriate authority for alteration of restrictive clauses, such as prohibition of non-Zoroastrians from being trustees, in the eligibility criteria of being a trustee in it. The development comes days after Mehli Mistry, a former trustee of the Tata Trusts, challenged the appointments of veteran industrialist Venu Srinivasan and former defence secretary Vijay Singh to the board of Bai Hirabai Jamsetji Tata Navsari Charitable Institution (Bai Hirabai Trust) in a complaint to the Maharashtra Charity Commissioner. Mistry had claimed that Srinivasan and Singh do not satisfy the criteria laid out in the trust deed, including the specific conditions including practice of the Parsi Zoroastrian faith and residency requirements in Mumbai. Earlier this month, Srinivasan, a trustee of Tata Trusts, resigned from the Bai Hirabai Trust citing other business commitments but later admitted to ...

Former trustee Mistry has accused Tata Trusts colleagues, including Chairman Noel Tata, of appointing non-Parsis as trustees, alleging violation of the trust deed's eligibility rules

Following the unexpected turn of events, it may help to take a closer look at what Tata Trusts, its trustees, its chairman, and the nominee directors stand for vis-a-vis Tata Sons

A Tata Trusts resolution backing a third term for N Chandrasekaran remains valid, even as questions linger over Tata Sons' future structure

During the board meeting, Tata Trusts chairman Noel Tata raised the issue of losses in certain group companies, and asked that Chandrasekaran commit in writing that Tata Sons will never be listed

Tata Trusts, the largest shareholder of Tata Sons, had last year passed a resolution recommending a third term for N Chandrasekaran

Tata Trusts may formalise governance at Sir Ratan Tata Trust with a written deed, as recent Maharashtra amendments set limits on lifetime trustees and fixed tenures

Jhaveri said the decision had been discussed earlier with Noel Tata and was now being formally communicated

A proposed board meeting of the Sir Ratan Tata Trust (SRTT), which was supposed to take up the appointment of Neville Tata, son of Tata Trusts Chairman Noel Tata, as a trustee on Saturday is understood to have been cancelled due to lack of quorum. The cancellation of the meeting comes over two months after the failure of the first attempt to induct Neville Tata on the board of SRTT, which holds 23.6 per cent in Tata Sons, the promoter holding firm of the over USD 180 billion Tata Group. "All trustees could not attend, which is a requirement for trustee appointment," a person with direct knowledge of the development said. The meeting could be rescheduled in the next few days, the person added. However, others said the cancellation could be to take more time for discussion among the trustees to reach a consensus on the appointment. Query to Tata Trusts remained unanswered. The trustees of SRTT are Noel Tata, Venu Srinivasan, Vijay Singh Jimmy N Tata, Jehangir HC Jehangir and Darius

Tata Trusts, which owns 66 per cent in Tata Sons, was in the news last year for an internal rift among trustees, resulting in government intermediation to ease thorny issues

The government moved to steady the economy amid global uncertainty. Crises at IndiGo and BluSmart, meanwhile, underlined the need for tighter oversight and stronger governance

Vice-Chairman Vijay Singh says a group of Tata Trusts trustees worked together to push him out of the Tata Sons board, claiming his removal was 'well planned if not plotted' and part of a wider power

In a key leadership reshuffle, the Tata Trusts — the controlling shareholder of Tata Sons — has appointed Neville Tata and Bhaskar Bhat as trustees for a term of three years.

Srinivasan gets 3-yr term in compliance with legal norms

The battle between Ratan Tata and Cyrus Mistry lasted five years but did not come in the way of the performance of the Tata group companies

Soon after the tension at the Tata Trusts board meeting, renewal of trustees' tenure turned into a contentious issue

The caveat notice has also been sent to all Tata Trusts trustees, according to a source close to the development

Three of six Tata trustees, including Noel Tata, Venu Srinivasan and Vijay Singh, have opposed Mehli Mistry's reappointment, ending his tenure on the boards of the Dorabji and Ratan Tata Trusts