Singh is one of the seven trustees of the Tata Trusts. Since his nomination was on the agenda, Singh was unable to attend the September 11 meeting.
In light of the present events surrounding Tata Trusts, the Shapoorji Pallonji Group has reiterated its request for Tata Sons to be listed on the public exchange, arguing that doing so will improve governance, transparency, and stakeholder confidence.
In a Friday statement, the Shapoorji Pallonji (SP) Group said it has “consistently urged the public listing of Tata Sons,” describing it as a move in line with the Tata group’s core values.
In addition to preserving the openness that Shri Jamsetji Tata envisioned, listing this prestigious institution would increase confidence among all parties involved, including workers, investors, and Indian citizens, the statement said.
More than 1.2 crore shareholders of listed Tata firms, who are indirect shareholders of Tata Sons, would benefit from a public listing, according to the SP Group, which owns around 18% of the company. This is in addition to being a financial choice.
A listed Tata Sons will guarantee a “strong and fair dividend policy” that benefits Tata Trusts, India’s biggest public charity, Mistry said. “Transparency is the purest form of respect for both heritage and the future.”
With reference to the Upper Layer compliance framework for major NBFCs, the statement also conveyed confidence in the Reserve Bank of India’s regulatory supervision.
The SP Group said, “We have complete trust in the RBI, a constitutional and independent organization, to make judgments based on fairness, justice, and the public good.” Mistry reiterated that the group’s stance was in line with Jamsetji Tata’s principles rather than being hostile.
“Our stance is entirely consistent with the principles of Shri Jamsetji Tata – transparency, responsibility, and empathy,” the statement said.
In order to preserve the heritage of both founding families, the SP Group said that it is still “totally committed to playing a constructive role alongside Tata Trusts and Tata Sons.”
In the meanwhile, despite rumors of a breach among the trustees over board selection and governance concerns, the Tata Trusts board met on Friday to handle regular items rather than controversial ones.
“There were presentations on different hospital and rural development projects,” the source said, adding that “today’s meeting was ordinary, with no difficult subjects raised.” The person went on to say, “There was no allusion to prior incidents,”
The meeting follows senior Tata Group executives’ Tuesday meetings with Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, which included meetings with Tata Trusts Chairman Noel Tata and Tata Sons Chairman N Chandrasekaran.
Tata Trusts refused to comment on the meeting’s outcome when approached. However, according to sources, the meeting’s primary agenda items include the evaluation of financing bids for healthcare initiatives and ongoing charitable endeavors.
Trustees Darius Khambata and Venu Srinivasan, as well as Noel Tata and Chandrasekaran, visited Shah and Sitharaman at the home minister’s house on Tuesday. The conference took place against the background of internal disputes among Tata Trusts trustees about board nominations and governance matters, which might have an effect on how the more than USD 180 billion conglomerate operates.
According to news agency PTI, sources claim that Tata Trusts is vertically divided, with one division supporting Noel Tata, who was named head of the Trusts after Ratan Tata passed away. Mehli Mistry, who has connections to the Shapoorji Pallonji family, which controls around 18.37% of Tata Sons, is in charge of the other group of four trustees.
According to reports, Mehli feels disconnected from important issues. Sources claim that the board seats at Tata Sons, the 156-year-old conglomerate that owns almost 400 businesses, including 30 publicly traded companies, are the flashpoint.
Six trustees of the Tata Trusts, the umbrella organization that represents a number of charity trusts, including the Sir Dorabji Tata Trust and Sri Ratan Tata Trust, met to discuss the matter at the beginning of the disagreement. Former Defense Secretary Vijay Singh’s reappointment as a nominee director on the Tata Sons board was the topic of the September 11 meeting.
Singh is one of the seven trustees of the Tata Trusts. Since his nomination was on the agenda, Singh was unable to attend the September 11 meeting.
once Ratan Tata passed away in October 2024, Tata Trusts implemented a rule mandating that nominee directors on the Tata Sons board be reappointed every year once they reach the age of 75. At the September 11 meeting, Trusts Chairman Noel Tata and Venu Srinivasan (TVS Group chairman emeritus) suggested re-appointing Singh, 77, who has been a director since 2012 and a trustee since 2018. The motion was rejected, nevertheless, since the four other trustees—Mehli Mistry, Pramit Jhaveri, Jehangir HC Jehangir, and Darius Khambata—opposed the action.
The four trustees attempted to appoint Mehli Mistry to the Tata Sons board after the rejection, but Noel Tata and Venu Srinivasan objected, highlighting the need of an open procedure consistent with Tata’s principles. Singh then left the Tata Sons board of directors voluntarily.