Mumbai, Nov 3 Mehli Mistry, a former trustee of Tata Trusts whose term was not renewed last week, has reportedly filed a caveat before the Maharashtra Charity Commissioner for his right to be heard before his ouster from Tata Trusts.
According to the rules, Tata Trusts must implement board changes approved by the Commissioner within 90 days. Mehli Mistry wants to contest his ouster before the Commissioner of philanthropic organisations pointing to the October 2024 resolution on life trusteeship at renewal, according to multiple media reports.
The Tata Trusts board had in October rejected Mistry’s renewal for life trusteeship, with office holders Venu Srinivasan, Noel Tata, and Vijay Singh opposing his continuation. Noel Tata leads the philanthropic trust, with Vijay Singh and Venu Srinivasan as vice chairmen, according to reports.
Mistry's challenge to ouster is based on a resolution from October 2024 that reportedly grants life terms on renewal to current trustees.
“The Trustees recognise that they are all equally responsible, charged with public duty and specifically tasked by Ratan N Tata. To this end, they resolve that on the 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 of such re-appointment, and in accordance with law,” the resolution said.
Tata Trusts has been embroiled in an internal conflict over the nomination of a director to the Tata Sons board. Analyst said that the rift at Tata Trusts would impact strategic decisions at Tata Sons.
Tata Trusts -- the charitable arm that controls about 66 per cent of Tata Sons -- has been recently mired in internal disagreements.
The dispute reportedly involves board appointments and governance matters, creating two factions: one led by Noel Tata and another by four trustees close to Mehli Mistry, who is associated with the Shapoorji Pallonji family.
Meanwhile, shares of Tata Group companies have declined by over Rs. 7 lakh crore in market value, or 21 per cent over the past year after the passing of the group's patriarch.
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