Pramit Jhaveri, former chief executive of Citibank India and current trustee of Sir Dorabji Tata Trust (SDTT), has written to Tata Trusts chairman Noel Tata expressing his wish to not be considered for re-appointment when his term ends on February 11.
In a letter dated January 31, which Financial Express has seen a copy of, Jhaveri noted that he had discussed the issue with Noel Tata some days back and was now formalising the same.
“I have served as a Trustee of the Sir Dorab Tata Trust (SDTT) since February 12, 2020 when Mr. Ratan N. Tata invited me to join as a Trustee. As discussed with you some days ago, I am now writing to let you know that I do not wish to be considered for re-appointment as a Trustee of SDTT when my current term expires on February 11, 2026,” Jhaveri wrote.
He added that it had been an honour to serve as a Trustee of the Tata Trusts and conveyed his best wishes to the Trusts in the years to come.
Term Ending Amidst Boardroom Flux
The letter was also sent to the other trustees for SDTT, and Siddharth Sharma, the CEO of Tata Trusts.
Jhaveri’s decision to step away from the board of Tata Trusts comes amidst ongoing flux at the philanthropic body that holds 66% stake in Tata Sons, the holding entity of the Tata Group companies.
Earlier in January, a crucial meeting of the Trusts, which was reportedly to consider, among other items, the induction of Noel Tata’s son Neville Tata to the board of Sir Ratan Tata Trust (SRTT) was cancelled. Together, SRTT and SDTT hold 51% stake in Tata Sons.
The boards of both the key Tata Trusts have seen shuffle over the past few months. Mehli Mistry, long-time confidant of late Ratan Tata and Tata Trusts trustee stepped down after weeks of strife within the ranks. At the time, battle lines seemed to be drawn between two factions with the Trusts – one under Noel Tata, and one under Mistry. Jhaveri was largely considered to have sided with Mistry.
Consolidation of Power
Mistry’s ouster was followed by the appointment of Neville Tata and Tata Group veteran Bhaskar Bhat to the board of SDTT. It was expected that both the key trusts would nominate and appoint a common slate of trustees. However, Neville’s appointment to SRTT was stalled when Venu Srinivasan who serves as vice-chairman on both SRTT and SDTT reportedly raised objection to the way the items were presented on the agenda list.
Jhaveri’s intention to step away from the affairs of SDTT could be seen to consolidate leadership by Noel Tata, observers said.