The outcome of the Tata Trusts voting process hasn’t taken the Mehli Mistry camp by surprise as it was on expected lines as it was a “direct revenge” by the other faction for not approving Trustee Vijay Singh’s continuance on the Tata Sons Board. Singh had to quit as the proposal was rejected by four of the trustees.
Sources close to the Mistry camp said while a future course of action has not been finalized as yet, the crux of the problem was Tata Trusts Chairman Noel Tata’s “hurry” to acquire the “supreme status” that Ratan Tata got after years of hard work at the top.
A legacy built over decades
Ratan Tata’s involvement in the Tata Trusts began in 1965 when he was inducted as a Trustee for the Sir Ratan Tata Trust (SRTT). By 1989, he became chairman of Sir Ratan Tata Trust, and later, of the Sir Dorabji Tata Trust in 1993. The late chairman-emeritus of the Tata Group achieved an exalted status only after those many years of providing strong leadership. But his half-brother wants to be in that position in just a year, the sources said.
Asked to elaborate, the sources said all that the four trustees wanted was “more respect and the courtesy of getting information on issues concerning Tata Sons”. But those requests were denied as the chairman and the vice-chairman (Venu Srinivasan) wanted to keep everything close to their chest. “It’s blatantly unfair to expect us to support resolutions, the details of which were not shared with us in advance,” they said.
Disappointed over Noel’s leadership style
The sources admitted under Ratan Tata, things were different as his word was almost the law. “But that happens only after years of proven leadership. With Noel’s elevation, we expected more participative leadership. He disappointed all of us,” the sources said.
The sources sympathetic to the Mistry camp’s views also said the move to oust Mistry was in violation of the resolution passed by Tata Trusts on October 17, 2024. Just last week, when Srinivasan was made a lifelong trustee, four trustees led by Mistry had described the move as a “procedural formality,” referring to a unanimous decision in October last year to grant themselves permanent positions. Under the Trusts’ rules, appointments and removals require unanimous consent. Noel Tata was elected chairman of Tata Trusts on October 11, 2024, following the demise of Ratan Tata on October 9, 2024. At that time, Mistry had supported Noel Tata’s candidature for the chairmanship.