Former Tata Technologies CEO McGoldrick sells shares worth Rs 165 crore
Patrick McGoldrick, former Tata Technologies CEO, sold shares worth Rs 165 crore. He offloaded 21 lakh shares, reducing his stake to 0.62 percent. Mutual funds and asset management firms acquired these shares at Rs 785 each. Tata Technologies reported an 8 percent net profit rise for the March quarter. The company had a strong stock market debut in November 2023.
A recent Maharashtra charity commissioner's ruling has raised questions over the substantial Rs 10,000 crore estate of Ratan Naval Tata, the former chairman of Tata Sons. The ruling by Amogh Kaloti highlights a crucial condition under which his father Naval Hormusji Tata acquired the shares, stipulating that the shares would only be bequeathed down the family lineage or returned to the Navajbai Ratan Tata Trust (NRTT).
The ruling focuses on shares amounting to 0.83% equity stake in Tata Sons, which has a publicly traded value exceeding Rs 12 lakh crore. The charity commissioner's order empowers NRTT trustees to take appropriate steps if Ratan Tata has breached the conditions by bequeathing the shares to third-party charities. The shares were originally transferred with three conditions by Naval Hormusji Tata, as per a legal opinion by Nani Palkhivala, to avoid challenges later.
These conditions include not alienating the shares during his lifetime, not bequeathing them to anyone other than his wife and children, and ensuring they are transferred to similar relatives, not third parties.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Rs 10,000-crore question mark over Ratan Tata estate economictimes.indiatimes.com
