Tata Trusts Reappoints Venu Srinivasan For Life Amid Internal Rifts
Tata Trusts has unanimously reappointed Venu Srinivasan as a trustee for life, with attention now shifting to Mehli Mistry’s upcoming renewal decision as internal divisions surface within the organization.
Key Developments
- Venu Srinivasan reappointed for life ahead of October 23 term expiry
- Mehli Mistry’s renewal decision pending with October 28 deadline
- Internal factions reported between Noel Tata loyalists and Ratan Tata supporters
- Conflicting views on whether trustee renewals require unanimous approval
Internal Divisions Surface
The reappointment of Srinivasan, chairman emeritus of TVS Group, comes amid reports of a vertical split within Tata Trusts. One faction aligns with Noel Tata, who took over as chairman following Ratan Tata’s death, while the other comprises loyalists of the former doyen.
A source with direct knowledge confirmed Srinivasan’s reappointment was unanimous, though Tata Trusts declined to comment officially.
Mistry’s Renewal in Focus
With Mistry’s term ending on October 28, opinions are divided on whether his continuation is automatic or requires unanimous approval for lifetime tenure.
One source stated: “Renewal and fresh appointment is required to be unanimous as per past practice. Renewal, after which it will be for life, requires unanimous approval.”
Conflicting Interpretations
However, another person cited minutes from the October 17, 2024 joint trustees meeting, claiming reappointments are automatic for all trustees without tenure limits.
The person added that any trustee voting against reappointments would be in “breach of their commitment and is not fit and proper to serve on Tata Trusts by such conduct.”
Stakes and Implications
Tata Trusts oversees several charitable trusts including the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, holding a 66% stake in Tata Sons – the holding company of the 156-year-old Tata Group comprising around 400 companies.
The source warned that any breach of commitment could necessitate reopening all resolutions, including Noel Tata’s appointment to Tata Sons’ board. All trustees are appointed on a long-term life basis, with trusteeship revisited at age 75.
