The fierce tussle at Tata Trusts, which holds a 51 per cent stake in Tata Sons, on Tuesday has effectively claimed its first casualty—Mehli Mistry, a long-time confidant of the late Ratan Tata.
In a major development at Tata Trusts today, chairman Noel Tata, vice chairman Venu Srinivasan, and trustee Vijay Singh declined to approve Mistry's renewal as an apex member of both the Sir Ratan Tata Trust (SRTT), as well as the Sir Dorabji Tata Trust (SDTT)—which together comprise the 51 per cent stake in Tata Sons, local media reports said, citing an ET article.
The vote had effectively divided the two factions, with Darius Khambatta, Pramit Jhaveri, and Jehangir H.C. Jehangir in support of Mistry.
The article added that since Mistry cannot vote for his own renewal, the veto decision has a majority at SDTT. The veto decision is effectively a majority decision at SRTT as well, since Jimmy Tata does not typically participate in Trust deliberations.
Mistry's ouster, which comes nearly a decade after Cyrus Mistry's exit from Tata Trusts in October 2016, follows his conditional approval of Srinivasan's reappointment, which added to the tensions across the Trusts.
(This is a developing story.)
