1989 share transfer case left unaddressed at Sir Dorabji Tata Trust meeting: Report

The Sir Dorabji Tata Trust meeting held on Monday reportedly focused on routine business and did not address a petition filed before the Maharashtra Charity Commissioner. The petition sought an inquiry into the 1989 transfer of Tata Sons shares to the father of current Tata Trusts chairman Noel Tata, according to a report.

As per The Economic Times that quoted sources, the meeting proceeded as scheduled and centred on annual accounts and key trust initiatives. Trustee Vijay Singh was absent, while Venu Srinivasan participated via video conference. It was noted that matters concerning one trust are generally not discussed by another trust under the Tata Trusts umbrella, despite some overlap in trustees, the report said.

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The petition followed a complaint alleging that the transfer of 833 Tata Sons shares from the Navajbai Ratan Tata Trust to the late Naval H Tata in 1989 lacked legal necessity, valid documentation, and consideration. The complainant also raised concerns about a potential conflict of interest involving Noel Tata, stating he should not participate in deliberations on the issue as a successor-in-interest of Naval Tata.

Tata Trusts rejected the allegations, calling them baseless, unsubstantiated, and mala fide. They stated the transaction was lawful and compliant with regulations at the time. The trusts described the accusations as part of a malicious campaign aimed at discrediting an institution engaged in philanthropic activities for over 130 years. The petitioner was also referred to as a serial litigator, with a recent petition withdrawn by the Bombay High Court due to concerns about its institution.

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In May, the Charity Commissioner had restrained the Sir Ratan Tata Trust from holding meetings or making decisions pending an inquiry into alleged violations related to trustee composition and compliance with the Maharashtra Public Trusts Act. One complaint in that proceeding was filed by the same individual now raising the share-transfer issue. The order was issued a day before the Sir Ratan Tata Trust and Sir Dorabji Tata Trust board meetings scheduled for May 16. It was later clarified that the order applied only to the Sir Ratan Tata Trust. The Sir Dorabji Tata Trust meeting on Monday remained confined to regular business and did not discuss the petition, sources said.