Speculation rife over Mehli Mistry’s reappointment
His term ends on Oct 28; Venu Srinivasan unanimously reappointed as a trustee for life
image for illustrative purpose
New Delhi: Tata Trusts has unanimously reappointed Venu Srinivasan as a trustee for life, and all eyes are now on the upcoming decision regarding Mehli Mistry’s renewal, amid reported internal divisions within the organisation.
The reappointment of Srinivasan this week, ahead of his term expiring on October 23, comes amid reports of a vertical split within Tata Trusts - with one faction said to align with Noel Tata, who took over as chairman following Ratan Tata’s death, and the other comprising those seen as loyalists of the former doyen. A source with direct knowledge of the matter said reappointment of Srinivasan, chairman emeritus of TVS Group, was unanimous. Tata Trusts declined to comment on the news.
The focus now shifts to the reappointment of Mistry, whose term ends on October 28, with opinions divided on whether his continuation is automatic or requires unanimous approval from the trustees for a lifetime tenure.
Tata Trusts, the umbrella body overseeing several charitable trusts including the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, holds a 66 per cent stake in Tata Sons - the holding company of the 156-year-old Tata Group, which comprises around 400 companies, including 30 listed entities. “Renewal and fresh appointment is required to be unanimous as per past practice. Renewal, after which it will be for life, requires unanimous approval,” said a source.
