tata-trusts-leans-towards-reappointing-mehli-mistry-as-trustee

Tata Trusts has proposed to reappoint Mehli Mistry as a lifetime trustee, as per sources familiar with the development. 

The proposal to reappoint Mistry as a trustee for three of its key philanthropic bodies – the Sir Ratan Tata Trust, Sir Dorabji Tata Trust and Bai Hirabai Jamsetji Tata Navsari Charitable Institution – was circulated by the CEO of Tata Trusts to other trustees on Thursday, said the sources. 

Mistry, a close confidant of former doyen of the conglomerate, Ratan Tata, was first appointed to Tata Trusts in 2022. His three-year term comes to an end on October 28.

The development comes amid reported internal divisions in the organisation, with one faction said to align with Noel Tata, who took over as chairman following Ratan Tata’s death, and the other comprising those seen as loyalists of the former doyen.

Opinions are also divided on whether Mistry’s continuation is automatic or requires unanimous approval from the trustees for a lifetime tenure.

 

Also Read: Tata Trusts reappoints Venu Srinivasan as trustee for life

Earlier this week, Tata Trusts had unanimously reappointed Venu Srinivasan as a trustee for life, with the focus then shifting to the upcoming decision regarding Mistry’s renewal.

According to sources, Mistry, along with three other trustees – Pramit Jhaveri, Jehangir HC Jehangir and Darius Khambata – while approving Srinivasan’s reappointment as trustee and Vice-Chairman of Tata Trusts, had put a condition that all renewals of trustees in future be approved unanimously, failing which their approvals would be withdrawn.

Meanwhile, the matter regarding the differences in factions inside the organsiation had reached the government, with the top brass of the Tata group, including Tata Trusts Chairman Noel Tata and Tata Sons Chairman N Chandrasekaran, meeting Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman earlier this month.

The government is understood to have told the two sides to resolve the issue amicably and not let their differences spill in the public, considering the significance of the Tata Group on India’s economy.

Tata Trusts, the umbrella body overseeing several charitable trusts, including the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, holds a 66 per cent stake in Tata Sons – the holding company of the 156-year-old Tata Group, which comprises around 400 companies, including 30 listed entities.