A committee of trustees, comprising Ratan N Tata, Chairman of the Trusts, and Vijay Singh and Venu Srinivasan, Vice-Chairmen of the Trusts, has been established with immediate effect to oversee the operations and to select a Chief Executive for the Trusts, it added.
The trustees of the Tata Trusts at a meeting held Wednesday accepted Venkataramanan's request to be relieved as he had been considering other options, given that he was completing five years as the Trusts' Executive Trustee / Managing Trustee, it added.
The development comes at a time when tax exemption status provided to philanthropic trusts endowed by members of the Tata family, was reportedly withdrawn because of the remuneration paid to Venkataramanan.
He was also subject of investigation by the CBI last year for allegedly trying to manipulate government policies through corrupt means to get an international licence for AirAsia India.
Tata Trusts had, however, had come out in support of him.
The statement further said the trustees also appointed Noel N Tata, Chairman of Trent Ltd and Managing Director of Tata International, and Jehangir H C Jehangir, a long-standing philanthropist who is currently spearheading the healthcare mission at Jehangir Hospital, Pune, as Trustees of Sir Ratan Tata Trust.