Venu Srinivasan, vice-chairman of both the Sir Ratan Tata Trust (SRTT) and Sir Dorabji Tata Trust (SDTT), reportedly expressed reservations about the proposed induction of Neville Tata and Bhaskar Bhat into the SRTT board.
According to a report in Livemint, the latest disagreement emerged after a SDTT meeting in Mumbai, where the other trustees moved forward with the appointment of Neville Tata, son of Trusts chairman Noel Tata, and Bhaskar Bhat, former chief of Titan Industries, to the SDTT board. Srinivasan was not present at this meeting due to a new Maharashtra government ordinance restricting permanent trustees to a quarter of the board, invalidating his previous permanent status.
During the SDTT meeting, Darius Khambata, a Mumbai-based lawyer and SDTT trustee, proposed Neville Tata’s induction, while retired defence secretary Vijay Singh recommended Bhaskar Bhat. According to participants, Noel Tata recused himself from voting on Neville’s candidature. As per the report, Khambata stated that Neville’s induction would carry forward the Tata legacy and that Ratan Tata had dearly hoped to witness this during his lifetime.
All trustees present at the SDTT meeting approved a resolution changing Srinivasan’s role from permanent trustee to a three-year term, in line with the ordinance. This procedural compliance was completed before the SRTT meeting began, and Srinivasan was reappointed to both SRTT and SDTT for a three-year tenure.
Following these developments, the subsequent SRTT board meeting, attended by Noel Tata, Srinivasan, Khambata, and Jehangir HC Jehangir, encountered disagreements. When informed of the proposed induction of Neville Tata and Bhaskar Bhat into the SRTT, Srinivasan expressed “surprise” according to executives present.
Srinivasan asserted that the matter was not listed on the meeting’s agenda and proceeded to reject the resolution. As a result, the SRTT board did not approve their induction, the report added. The Trust indicated it would consider their induction at a later date. The SDTT, however, formally appointed both Neville Tata and Bhaskar Bhat to its board.
The appointment and removal of trustees at Tata Trusts require unanimous approval, explaining why only the SDTT could proceed with these additions. Combined, SDTT and SRTT own 27.98 per cent and 23.56 per cent of Tata Sons respectively, with other smaller trusts holding 14.4 per cent, resulting in a majority philanthropic ownership of 65.9 per cent.
