Noel Tata files caveat at Maharashtra charity commissioner over SDTT
Noel Tata, who leads Tata Trusts, has filed a caveat with Maharashtra's charity commissioner after being accused of mismanaging the Sir Dorabji Tata Trust (SDTT).
He wants to make sure he gets a fair hearing before any decisions are made.
This move directly responds to trustee Venu Srinivasan's attempt to limit Noel's voting rights at key Tata Sons meetings, especially on big topics like reappointing Chairman N. Chandrasekaran and listing shares.
Srinivasan alleges Noel Tata control bid
Srinivasan, Chairman Emeritus of TVS Motor Company and a trustee of SDTT, claims that Noel is trying to gather too much control within SDTT and that this could threaten its charitable mission.
He cites Noel Tata's involvement in discussions with the Shapoorji Pallonji Group over monetisation of its 18% stake.
The complaint also aims to stop Noel from voting on any meeting concerning the appointment of a nominee or proxy for the Tata Sons AGM.
All this comes as regulatory issues have already caused major hiccups for other trusts in the group, like this year's postponed annual general meeting, which threw off important financial decisions and showed just how tricky governance has become at Tata.