Tata Trusts, which holds 66 per cent stake in Tata Sons -- the promoter of the major operating Tata companies, today said KB Dadiseth and Nasser Munjee have decided not to continue as trustees.
Tata Trusts, which holds 66 per cent stake in Tata Sons — the promoter of the major operating Tata companies, today said KB Dadiseth and Nasser Munjee have decided not to continue as trustees. As independent directors of different Tata group firms, both Dadiseth and Munjee had supported ousted Tata Sons chairman Cyrus Mistry last year during his bitter corporate board room battle with Ratan Tata and Tata Sons.
In April this year Dadiseth resigned as independent director from the board of Tata group hospitality arm Indian Hotels Company.
Munjee, on the other hand, continues to be non-executive independent director at Tata Motors. He is also a director on the board of Tata Chemicals.
Confirming their departures, a spokesperson of Tata Trusts said they have decided not to continue as trustees of the Tata Trusts.
“This is their personal decision. Trustees join the Trusts on their own volition and end their terms on their own volition,” the spokesperson added.
Denying links between their decision to not to continue as trustees with the support extended to Mistry, the spokesperson said: “People, who are spreading rumours are not only incorrect but also are doing a dis-service to Tata Trusts and Trustees, present and former, of the Trusts.”
When asked who would fill the positions in Tata Trusts vacated by the two, the spokesperson said: “Trustees of the Tata Trusts will take a call, at an appropriate time, on the appointment of new Trustees.”