Daijiworld Media Network - Mumbai
Mumbai, Oct 21: In a significant development, the trustees of Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) on Monday approved the lifetime reappointment of trustee and vice-chairman Venu Srinivasan, setting aside recent differences over governance issues.
The decision follows the reappointment of Noel Tata as chairman and trustee in January 2025 with no tenure limit. The two key Tata trusts together hold a 52% stake in Tata Sons, the holding company of the Tata Group.
Sources said fellow trustee Mehli Mistry is also set to be reappointed in the coming days. Srinivasan’s continuation was anticipated after the Trusts passed a unanimous resolution on October 17, 2024, stating that “on expiry of tenure of any trustee, that trustee will be reappointed by the concerned Trust without any limit being attached to the period of tenure.”
At the same meeting, trustees agreed that any member voting against a reappointment would be deemed in breach of commitment and unfit to serve on the Trusts’ boards. The move effectively grants lifetime tenure to all trustees, similar to past figures like JRD Tata, Ratan Tata, Jamshed Bhabha, and RK Krishna Kumar, who served until their passing.
While some former trustees such as Noshir Soonawala stepped down due to age and health reasons, others had served fixed tenures renewed periodically.
The October 17 meeting also decided that Tata Sons board nominees aged 75 and above would be reviewed. During the same meeting, the Trusts nominated Noel Tata to the Tata Sons board following the death of his half-brother Ratan Tata on October 9, 2024.
The resolution further stated that any breach of the reappointment commitment would result in reconsideration of all resolutions passed in that session, ensuring collective adherence.
The boards currently include Noel Tata, Venu Srinivasan, Mehli Mistry, Vijay Singh, Pramit Jhaveri, Darius Khambata, and Jehangir Jehangir. The first four are part of the executive committee, which handles decisions related to Tata Sons’ shareholding and operational matters.
Differences among trustees surfaced last month when a review of nominee directors over 75 years led to the exit of Vijay Singh from the Tata Sons board. His replacement by Mehli Mistry was reportedly opposed by Noel Tata, triggering Singh’s resignation.