Acoording to a a CNBC-TV18 report, the Tata Trusts board meeting, which was scheduled to discuss the appointment of Neville Tata to the Sir Ratan Tata Trust, was cancelled on Saturday,. As per CNBC-TV18, the board meeting was cancelled due to a lack of quorum.
The CNBC-TV18 report stated that the induction of Neville Tata as a trustee of the Sir Ratan Tata Trust was the only agenda item of the Tata Trusts board meeting on Saturday. Furthermore, the report added that no further date for the board meeting has been notified yet.
FinancialExpress.com could not verify the story independently.
The background
According to an earlier Moneycontrol report, Neville Tata and Bhaskar Bhat, who led Titan for years, were proposed for induction as trustees of the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust.
During the November induction round, the proposal to induct Neville Tata and Bhaskar Bhat was cleared by the Sir Dorabji Tata Trust.
However, the Sir Ratan Tata Trust did not take up the proposal to induct Neville Tata and Bhaskar Bhat in the November 11 meeting. According to a Moneycontrol report, Sir Ratan Tata Trust trustee Venu Srinivasan objected to the induction proposal.
Importantly, the combined Sir Dorabji Tata Trust and Sir Ratan Tata Trust hold about two-thirds of Tata Sons, which largely controls the $350 billion Tata Group.
Tussle between trustees
After Mistry’s ouster in October, the Tata trust has remained divided on several key appointments to trusts. As per a Moneycontrol report, Mistry, who is supported by trustees H. C. Jehangir, Darius Khambata and Pramit Jhaveri, had raised concerns about the way information is shared within the Tata trusts.
In addition to the induction of Neville Tata and Bhaskar Bhat to the trust, other latest inductions to the trusts have also faced major hiccups.
Furthermore, at the November 11 meeting, Venu Srinivasan was initially reappointed for a lifetime. However, his appointment was cut short to three years, citing Maharashtra government rules.
It is against this backdrop that Neville Tata’s induction to the Sir Ratan Tata Trust is being watched out for.