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Maharashtra's new rule hits Tata Trusts's lifetime trustee plans
Business
Maharashtra just brought in a new rule that limits how many trustees can stay on a public trust's board for life—including big names like Tata Trusts.
Now, only 25% of any trust's board can be made up of "lifetime" trustees, while the rest need to have fixed terms.
State's oversight of corporate, philanthropic groups tightens
This move directly challenges Tata Trusts's recent decision to make all their current trustees lifetime members.
With both Sir Ratan Tata Trust and Sir Dorabji Tata Trust having six trustees each, they'll have to rethink their board setup.
The change could affect how these massive trusts plan for leadership and keep things stable—plus, it shows the state is stepping up oversight of powerful philanthropic and corporate groups in India.