It has only been a year since Ratan Tata, the global business magnate, passed away, and controversies regarding the Tata Group trusts have started appearing in the forefront. In a recent update, Ratan Tata’s sisters have raised concerns regarding the handling of the trusts and the various responsibilities associated with them. Shireen Jejeebhoy and Deanna Jejeebhoy have voiced their concerns about the future of the trusts, warning that they are descending into imminent danger.
Last Week: Ratan Tata’s Close Friend Removed from Tata Trust
Last week, Ratan Tata’s close friend Mehli Mistry was removed from the Tata Trust. Three of the existing trustees—Noel Tata, Venu Srinivasan, and Vijay Singh—voted against the term renewal of Mehli Mistry. Pramit Jhaveri, Darius Khambata, and Jehangir supported Mistry, while Ratan Tata’s brother, Jimmy, abstained. The decision failed to pass due to a lack of consensus.
Ratan Tata Was Most Concerned About the Trusts
After witnessing such abrupt changes in the trust, Shireen said in an interview, “Ratan had many problems, but the future of the trusts worried him the most.” Meanwhile, Deanna emotionally said, “It has been just a year since my brother passed away, and his memory, his legacy, and the Tata values now seem to be in danger.”
Ratan Tata’s Most Trusted Confidants
Deanna explained that Ratan Tata trusted three people the most: Mehli Mistry, Tata sons chairman N. Chandrasekaran, and Darius Khambata. Shireen said Mehli was not just an advisor but a close friend of Ratan’s, who would often openly disagree with his decisions, and Ratan had trusted her to maintain proper governance in the trusts.
Noel Tata’s Rising Prominence in Tata Trust
After the removal of Mehli Mistry, Noel Tata’s influence over the trusts appears to be strengthening. Furthermore, Noel’s name was proposed as chairman of the trusts just two days after Ratan Tata’s death. It is also being said that this division within the trusts deepened after Vijay Singh was removed from the Tata Sons board.
During the interview, both sisters clearly stated that Ratan Tata never favored having only members of the Tata family lead trusts or groups. Deanna explained, “Ratan believed in merit. He said, ‘Earn, then you get.'” Shireen added, “He was happy with Chandrasekaran becoming chairman because he was qualified, not from a family.”
Shireen Hopes Peace Will Return Soon
Ratan Tata’s sisters added that they were not offering advice, but simply wanted Ratan Tata’s legacy and values to be preserved. Shireen became emotional during the meeting. She said it was sad to read such news in the newspapers, but they hope peace among the trust members will return soon.
Going by the contrast between what Ratan Tata’s sisters have pointed out and the recent changes in the trusts, it is evident that the tussle is between the new changes and the pursuit to keep Ratan’s ideology intact.
