Mehli Mistry sets condition on backing Venu Srinivasan’s Tata Trusts reappointment: Sources

Mehli Mistry, Director of the Meher Pallonji Group, has set an unprecedented condition while approving the reappointment of Venu Srinivasan as a lifetime trustee on the Sir Dorabji Tata Trust Board, sources close to the Tata Group told CNBC-TV18.

According to the sources close to the Tata Group, Mistry communicated to fellow trustees that all future trustee reappointments at Tata Trusts should be unanimous. He further stated that he would withdraw his support if unanimity was not maintained in future appointments.

The move, sources said, took some trustees by surprise, as there is no provision for conditional approval or retrospective withdrawal of support in the current framework.

Mistry’s term as trustee ends on October 28, and Tata Trusts will soon initiate the process to seek trustee approval for his reappointment to the Sir Dorabji Tata Trust Board, sources close to Tata Group confirmed. If approved, he would serve as a lifetime trustee, with the position subject to review once he turns 75.

Also Read: Tata Trusts to seek trustee nod for Mehli Mistry’s re-appointment; Venu Srinivasan re-appointed for life



Separately, Venu Srinivasan, Chairman Emeritus of TVS Motor Company, has been reappointed as a lifetime trustee. Tata Trusts has already circulated a note seeking approval for his renewal, with responses due by October 23, according to sources close to Tata Group.

The Sir Dorabji Tata Trust and the Sir Ratan Tata Trust together hold a 51% stake in Tata Sons, while the Shapoorji Pallonji Group owns around 18%. Srinivasan serves as a trustee in both trusts and as a nominee director on the Tata Sons board.

While reports of internal differences within Tata Trusts, which collectively control about 66% of Tata Sons, have surfaced in recent months, sources close to Tata Group dismissed suggestions of a rift, saying that differing opinions are normal in large institutions.

Experts, meanwhile, continue to call for stronger governance and transparency at Tata Sons, with some reiterating that a potential listing of the holding company could provide greater clarity and an exit route for minority shareholders.