A Tata Trust board meets amid shadows over old share deal
They said a petition filed before the Charity Commissioner of Maharashtra regarding the 1989 transfer of Tata Sons shares to the father of current Tata Trusts chairman Noel Tata was not included in the discussions.
Complaint filed regarding share transfer related to an agreement made in 1989
“The meeting was convened on Monday to discuss routine matters, including annual accounts and key trust initiatives,” a person familiar with the matter said.
Sources said it is progressing as planned and focusing on normal business. While Trustee Vijay Singh did not attend, Venu Srinivasan attended via video conferencing, they said.
Despite overlap in trustees, matters relating to one trust are generally not handled by another trust under the Tata Trusts umbrella, according to people familiar with the case.
The meeting was held days after a person filed a complaint with the Charity Commissioner alleging that the 1989 transfer of 833 Tata Sons shares from Navajbai Ratan Tata Trust to the late Naval H Tata lacked legal requirement, valid transfer documents and considerations.
Calling on the regulator to protect the interests of public charities, the complainant raised concerns over an alleged conflict of interest involving Noel Tata, arguing that as one of Naval Tata’s successors, he should not have been involved in any discussions on the matter. Tata Trusts on Friday denied the allegations, calling them “unfounded, unsubstantiated and malicious” and maintained that the transaction was legal and fully compliant with the regulations in force at the time. time.
It was stated that the accusations were part of a “deliberate, malicious and planned campaign” aimed at discrediting an institution that has been engaged in philanthropic activities in India for more than 130 years. The trusts described the petitioner as a “serial litigant” and said a recent petition filed by him in the Bombay High Court was withdrawn after the court expressed reservations about the manner in which it was framed.
In May, the Charity Commissioner had barred the Sir Ratan Tata Trust from holding meetings or taking decisions until an investigation into alleged breaches regarding the composition of trustees and compliance with the provisions of the Maharashtra Public Trusts Act was completed. One of the complaints stated in the case in question was made by the same complainant who raised the issue of share transfer.
This order came just a day before the board meetings of Sir Ratan Tata Trust and Sir Dorabji Tata Trust scheduled to be held on May 16. Although there was uncertainty as to whether the order covered both trusts, it was later clarified that it only applied to the Sir Ratan Tata Trust.
