Tata Trusts Reappoints Venu Srinivasan as Lifetime Trustee; Decision on Mehli Mistry Pending Amid Organizational Rifts

Tata Trusts has unanimously reappointed Venu Srinivasan as a trustee for life, with attention now turning to Mehli Mistry's upcoming renewal amid reported divisions within the organization.

New Delhi:

Tata Trusts, the umbrella organization overseeing various charitable trusts, has unanimously voted to reappoint Venu Srinivasan as a lifetime trustee. This decision comes as the organization faces attention regarding Mehli Mistry's potential renewal, with apparent internal factions emerging.

The reappointment of Srinivasan occurred this week, before his term's October 23 expiration date, during a period of reported divisions within Tata Trusts. Reports suggest a split between those aligned with new chairman Noel Tata, who assumed leadership following Ratan Tata's passing, and individuals considered loyal to the former chairman.

According to a source with direct knowledge, the decision to reappoint Srinivasan, who serves as chairman emeritus of TVS Group, received unanimous support from trustees. When approached, Tata Trusts declined to comment on these developments.

Attention now focuses on Mehli Mistry, whose term concludes on October 28. Differing perspectives exist regarding whether his continuation occurs automatically or requires unanimous trustee approval for lifetime tenure.

Tata Trusts manages several charitable organizations including the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. It holds a controlling 66 percent stake in Tata Sons, the holding company for the 156-year-old Tata Group, which encompasses approximately 400 companies, including 30 publicly listed entities.

"Past practice requires unanimous approval for both renewal and fresh appointments. Renewal, after which appointment becomes lifelong, needs unanimous trustee approval," one source explained.

However, another insider countered, "Reappointment happens automatically and applies to all trustees." This person referenced minutes from the joint meeting of the Sir Dorabji Tata Trust and Sir Ratan Tata Trust trustees held on October 17, 2024, which established that upon expiry of any trustee's tenure, reappointment would occur without tenure limitations.

According to the resolution, any trustee voting against this process would be considered in "breach of their commitment and is not fit and proper to serve on Tata Trusts by such conduct," the source added.

Furthermore, this individual noted that any breach of commitment by a trustee would necessitate revisiting all previously passed Tata Trusts resolutions, "including the appointment of Noel Tata as a director on the Board of Tata Sons, which formed part of the October 17, 2024, Trustees' resolution."

The October 17, 2024, resolution also clarified that all trustees receive long-term and life appointments, with trusteeship being revisited upon reaching 75 years of age.