Why only one of two big Tata Trusts inducted Neville, Bhat

Srinivasan said SRTT didn’t have the appointment on the agenda, did not attend SDTT meet

- Satish John & Varun Sood

Venu Srinivasan, vice-chairman of two principal entities of the Tata Trusts.

(MINT)

Venu Srinivasan, vice-chairman of two principal entities of the Tata Trusts—Sir Ratan Tata Trust (SRTT) and Sir Dorabji Tata Trust (SDTT)— expressed reservations about the induction of Neville Tata and Bhaskar Bhat into SRTT, saying their induction was not on the agenda and needed further discussion, according to three executives aware of the matter.

As a result, only the SDTT appointed Neville, son of Trusts chairman Noel Tata, and Bhat, a former chief of Titan Industries, although one executive said their induction into SRTT will be taken up again later.

Notably, SDTT and SRTT own 27.98% and 23.56%, respectively, of Tata Sons, while the other smaller trusts own 14.4%, giving these philanthropic entities a majority ownership of 65.9% in the holding company of the diversified Tata Group. The remaining stakes are owned by the Shapoorji Pallonji Group (18.38%), nine Tata Group companies (12.86%), and seven individuals own 2.87%.