Tata trustees hit back at dissenters
Mumbai: Tata Trusts chairman Noel Tata and trustees Darius Khambata, Neville Tata, and Bhaskar Bhat have refuted objections from two senior trustees, Venu Srinivasan and Vijay Singh, regarding a proposed restructuring of Tata Sons. The trustees argue that the Reserve Bank of India (RBI) has not mandated a listing for the group holding company and accused the dissenters of undermining the decisions made by the trusts.
The RBI had declined Tata Sons' request to surrender its core investment company registration but did not call for a listing. The trustees emphasized that the RBI communication urged finding an alternative lawful course to achieve the objectives of the Trusts and Tata Sons, rather than listing. The restructuring plan involves merging Tata Electronics Systems Solutions Pvt Ltd and Tata Consulting Engineers Ltd with Tata Sons to allow the company to cease being a core investment company and avoid listing.
The trustees reaffirmed their stance that Tata Sons should remain an unlisted company, as unanimously resolved by SDTT and the Sir Ratan Tata Trust on May 28 and July 28 last year. They also criticized Srinivasan for voting for N Chandrasekaran's reappointment as Tata Sons chairman while an SDTT resolution to select a successor was pending.
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.
