Mehli Mistry, longtime Ratan Tata confidant, faces potential exit from Tata Trusts; here’s why
Tata Trusts, the umbrella organization that oversees many charities, holds a 66 per cent stake in Tata Sons.
File photo: Mehli Mistry (L), Noel Tata (R)
Mehli Mistry, once considered one of Ratan Tata’s closest confidants, is in danger of potentially leaving Tata Trusts after chairman Noel Tata, vice-chairman Venu Srinivasan and trustees did not support the renewal of Vijay Singh’s tenure, ET reported. Mistry’s three-year term will end on October 28. Mistry was first appointed to Tata Trusts in 2022.
About Tata Trusts
Tata Trusts, the umbrella body that oversees several charities including Sir Dorabji Tata Trust and Sir Ratan Tata Trust, owns a 66 per cent stake in Tata Sons, the holding company of the 156-year-old Tata Group, which consists of around 400 companies, including 30 listed entities.
All eyes on October 28
Tata Trusts on Tuesday will decide on the reappointment of trustee Mehli Mistry to Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), which holds 51 per cent stake in Tata Sons.
Noel Tata vs Mehli Mistry
The decision to reappoint Mistry divided the Trusts into two groups. On one side, we have Noel Tata, Venu Srinivasan and Vijay Singh, who are opposing the renewal of Mistry’s term. The other, comprising Darius Khambata, Pramit Jhaveri and Jehangir HC Jehangir, is supporting Mistry. Noel Tata is currently the chairman of Tata Trusts.
Since Mistry does not have the right to vote on the renewal of his term, the result in the SDTT represents a majority decision. Similarly, in the SRTT, given Jimmy Tata’s usual absence in Foundation cases, the judgment effectively achieves majority status. Earlier this week, Tata Trusts unanimously re-appointed Venu Srinivasan as life trustee, shifting the focus to the upcoming decision on Mistry’s renewal.
