Tata Trusts tension grows as 3 trustees yet to respond

The split within Tata Trusts, which holds around 66 per cent in Tata Sons, the holding company of the salt-to-semiconductor conglomerate, over renewal of trustees’ tenures could unleash a fresh bout of dispute, according to sources.

- DEV CHATTERJEE & NIVEDITA MOOKERJI

This comes amid a divergence of views over a possible listing of Tata Sons, some 10 years after one of the biggest corporate battles India Inc witnessed — Tatas versus Shapoorji Pallonji group.

At the middle of it all is Mehli Mistry, a trustee at Sir Dorabji Tata Trust and Sir Ratan Tata Trust. With just two days to go for the deadline to renew Mistry’s term at the two core Tata trusts, approvals from three trustees are still pending, it is learnt. The last date for sending approvals is October 28, according to a source close to the development.

If Mistry, a businessman and a close associate of Ratan Tata, fails to get a nod from all trustees of Tata Trusts for his term renewal, it will be an unprecedented development that could escalate the ongoing tensions. Sources indicated that a consensus on renewing Mistry’s term looked tough.

Tata Trusts did not respond to Business Standard queries on the matter.