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Tata Trusts Managing Trustee R Venkataramanan quits

Press Trust of India  |  New Delhi 

Trusts on Wednesday said its Managing R has resigned from the post to pursue other options.

will relinquish responsibilities as the Managing /of the Trusts on March 31, 2019, Trusts said in a statement.

A committee of trustees, comprising Ratan N Tata, of the Trusts, and and Venu Srinivasan, Vice-Chairmen of the Trusts, has been established with immediate effect to oversee the operations and to select a for the Trusts, it added.

The trustees of the Tata Trusts at a meeting held Wednesday accepted Venkataramanan's request to be relieved as he had been considering other options, given that he was completing five years as the Trusts' / Managing Trustee, it added.

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time when tax exemption status provided to philanthropic trusts endowed by members of the Tata family, was reportedly withdrawn because of the remuneration paid to

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

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

The statement further said the trustees also appointed Noel N Tata, of and of Tata International, and Jehangir H C Jehangir, a long-standing philanthropist who is currently spearheading the at Jehangir Hospital, Pune, as Trustees of

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 19:05 IST