Tata Trusts defends 1989 Tata Sons share transfer, says Palkhivala vetted deal

Denying any impropriety on the part of Sir Ratan Tata Trust (SRTT), NRTT or any party to the transaction, the statement said: “The transaction is confirmed to be lawful, made for consideration and in full compliance with the rules in force at the time. It was approved at appropriate levels, including the late Nani A. Palkhivala, one of the most eminent lawyers in the country, and approved by the then Board of Directors of Tata Sons. The transfer of shares was effected through a valid transfer form duly stamped by the Registrar of Companies.”