Tata Trusts has strongly refuted allegations concerning a 1989 transfer of shares by the Navajbai Ratan Tata Trust (NRTT) to the late Naval H Tata, describing the claims as “baseless, unsubstantiated and malafide” and announcing plans to pursue legal remedies against those making the accusations.
In a statement, the Trusts said the transaction was lawful, undertaken for consideration and fully compliant with regulations prevailing at the time. According to the Trusts, the transfer had been cleared at appropriate levels, including by noted jurist Nani A Palkhivala, approved by the then board of Tata Sons, and executed through a duly stamped transfer form.
The Trusts said any suggestion of impropriety involving the NRTT, the Sir Ratan Tata Trust (SRTT) or the parties to the transaction was “categorically denied”. It added that the allegations appeared aimed at tarnishing the reputation of the Tata Trusts, the Tata family, and late industrialist Ratan Tata, along with Naval Tata’s sons Noel Tata and Jimmy Tata.
‘Serial litigator’
The statement also targeted petitioner Suresh Tulsiram Patilkhede, describing him as a ‘serial litigator’ who had previously filed multiple cases against the Trusts. Tata Trusts cited observations made by the Bombay High Court in a recent writ petition, in which the court questioned the basis of representations made in the case and subsequently allowed the petitioner to withdraw the matter.
The controversy comes at a sensitive time for the Tata Froup and its philanthropic institutions. Tata Trusts, which collectively hold a majority stake in Tata Sons, is scheduled to hold a meeting on June 8 to discuss several issues including a change in the board composition of Tata Sons.
The Trusts said they would take appropriate legal steps to protect their goodwill and reputation.