Tata Trusts Vice Chairman Venu Srinivasan is understood to have resigned from the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, one of the smaller trusts in the Tata Trusts fold, citing other business commitments, according to sources.
Mistry Challenges
His resignation comes close on the heels of former trustee Mehli Mistry challenging the appointment of Srinivasan and Vijay Singh to the board of the charitable institution, on the grounds that they do not satisfy the criteria laid out in the trust deed.
According to sources, Mistry made a formal complaint with the Maharashtra Charity Commissioner on Friday, saying that the trust deed mandates specific conditions, including adherence to the Parsi Zoroastrian faith and residency requirements in Mumbai. Mistry has contended that both Srinivasan and Singh fall short on these counts and therefore should be considered disqualified under the governing provisions.
There have been no responses as yet to messages sent to Srinivasan and Mistry to confirm the details. Srinivasan, who is Chairman Emeritus of TVS Motor, sits on the board of Sir Ratan Tata Trust, Sir Dorabji Tata Trust and several of their allied trusts.
Mistry has also sought an inquiry by the Charity Commissioner into the matter and sought directions for all trustees to submit affidavits affirming their eligibility.
The Bai Hirabai Jamsetji Tata Navsari Charitable Institution, established in 1923, is part of the wider Tata Trusts network and plays a role in supporting community welfare initiatives, particularly among Parsis.
It has the same board of trustees as that of Sir Ratan Tata Trust. Other trustees on the board include Tata Trusts chairman Noel Tata, Vijay Singh, Jimmy Tata, Jehangir HC Jehangir and Darius Khambata.
Wider trust tensions
Srinivasan’s resignation adds a new layer to the ongoing governance-related frictions within the Tata Trusts, where differences among trustees have surfaced since the death of Ratan Tata in October 2024.
Last year, Srinivasan had been among the three trustees, along with Noel Tata and Vijay Singh, who had rejected Mistry’s reappointment as life trustee. Prior to that, Mistry had also spearheaded an opposition to the reappointment of Singh as a Tata Trusts nominee on Tata Sons’ board.
Earlier this year, Pramit Jhaveri, who had aligned himself with Mistry, had said he did not wish to be considered for reappointment as a trustee on the board of Sir Dorabji Tata Trust.
Tata Trusts holds around 66 per cent stake in Tata Sons, the holding company of the group.