Vijay Singh quits Sir Ratan Tata Trust
Vijay Singh, vice chairman of Tata Trusts, has stepped down as a trustee of the Sir Ratan Tata Trust (SRTT) before August 14, when his
Vijay Singh, vice chairman of Tata Trusts, has stepped down as a trustee of the Sir Ratan Tata Trust (SRTT) before August 14, when his current term expires, marking the end of a long association at a time when the Trusts are grappling with internal differences and regulatory scrutiny. Singh, however, will continue as a trustee of the Sir Dorabji Tata Trust for another year.His exit comes at a time when the Sir Ratan Tata Trust has sought permission from the Maharashtra Charity Commissioner to permit it to hold important meetings stating approximately ₹400 crore in charitable disbursements and upcoming shareholder decisions are currently at risk.Also Read: Maharashtra charity body may examine Tata Trust share transfer validityThe CC has restrained it from holding meetings pending a decision on a complaint relating to the alleged transfer issue of Navajbhai shares and the appointment of perpetual trustees.Singh told ET that he had decided against seeking another term.
"I have informed the Trusts that I do not wish to be considered for a reappointment," he said.His decision follows a series of developments that have exposed differences within the Trusts. In May this year, Singh and fellow vice chairman Venu Srinivasan stepped down from the Tata Education and Development Trust (TEDT) after trustee Mehli Mistry opposed their reappointments. Mistry had challenged the eligibility of Singh and Srinivasan to serve as trustees of the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, arguing that they did not meet the 1923 trust deed's requirements that trustees be practising Parsi Zoroastrians and permanent residents of Mumbai.Also Read: Tata Trusts vice chairman seeks inquiry into 1989 share transfer of Tata SonsPeople familiar with the matter said Singh was also unlikely to have secured unanimous support from fellow trustees for another term at SRTT following his earlier public remarks in favour of a potential listing of Tata Sons.
The SRTT board comprises chairman Noel N. Tata, Venu Srinivasan, Vijay Singh, Jimmy N. Tata, Jehangir H.C. Jehangir and Darius Khambata.The Sir Ratan Tata Trust and the Sir Dorabji Tata Trust together hold the controlling stake in Tata Sons, the holding company of the Tata group.Both Vijay Singh and Venu Srinivasan's views stated publicly that Tata Sons should list were viewed as being at variance with
the prevailing position within the Trusts, led by chairman Noel Tata, which continues to favour retaining Tata Sons as a privately held company.Singh was not reappointed to the Tata Sons board last year. People aware of the matter said the Trusts were seeking to ensure that their nominees on the Tata Sons board reflected the institution's position on key governance issues, including the company's ownership structure.
The BriefWire