Tata Trusts’ Trust Issues and Conflict of Interest

• The core issue at Tata Trusts is the flow of information from trustees nominated to the Tata Sons board back to other trustees.

• Four trustees, Mehli Mistry, Darius Khambatta, Jehangir H.C. Jehangir, and Pramit Jhaveri, allege that information has not been shared by the trustees nominated to the TSPL board.

• The trustees allege that resolutions passed in the TSPL board were not brought back to the Trust board as provided in Article 121 A of TSPL’s Articles of Association.

• The group ranged against Mr. Tata, who wears three hats – chairman of the trusts, its nominee on the board of TSPL, and chairman of four group companies.

• Mehli Mistry was the one who proposed and pushed for the appointment of Noel Tata as chairman of the trusts to replace Ratan Tata upon the demise of the former.

• The trustees are sore about “lack of transparency” from Mr. Tata and the lack of information shared with the trustees when the crucial issue of IPO was discussed in the TSPL board.

• The trustees sought a meeting with N. Chandrasekaran through the three Trust nominees on the TSPL board, but that did not happen until one of the other four, Jehangir H.C. Jehangir, approached Mr. Chandrasekaran with a request for an update.

• The trustees resolved that an IPO of TSPL was not in the best interests of the group and Mr. Chandrasekaran was asked to engage with the SP group on the subject.

Corporate governance Tata is important topic for Civil service exam (WBCS).

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