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Noel Tata Blocks Board Votes Amid Tata Sons Listing Dispute
Noel Tata, Chairman of Tata Trusts, has voted against the reappointment of Venu Srinivasan and Vijay Singh to the Tata Education and Development Trust (TEDT) board. This move signals a significant strategic clash within the group. Sources say Mehli Mistry and JN Mistry supported Tata's vote, while Srinivasan and Singh backed each other.
Tata Sons Listing Sparks Boardroom Clash
The reappointment debate is tied to the future of Tata Sons, the conglomerate's unlisted holding company. Srinivasan and Singh have pushed for listing Tata Sons to unlock value, a move that could reduce the control of Tata Trusts, which owns about 66 percent. Noel Tata, however, reportedly prefers to keep Tata Sons unlisted to maintain its governance structure.
Possible Board Changes Loom
Adding to the situation, last Friday's cancelled meeting agenda included potentially removing Srinivasan as a Tata Trusts' nominee on the Tata Sons board. Bhaskar Bhat is reportedly being considered as a replacement, suggesting a potential shift in top leadership. The meeting has been rescheduled for next Saturday.
Allegations Surface Over Past Dealings
Mehli Mistry's objections to Srinivasan and Singh's reappointments reportedly stem from earlier governance issues he raised. Filings with the Maharashtra Charity Commissioner this year detailed claims that Singh received commissions from Tata Sons, against trust rules. Mistry also alleged Srinivasan used his position as a Tata Sons nominee director to improperly obtain design services for a TVS Motor Company subsidiary from Jaguar Land Rover's former COO.
Tata Trusts provided no immediate comment on these developments. The ongoing power struggles could shape the future strategy and corporate governance of one of India's major business groups.