Chairman of Trent Limited and managing director of Tata International, Noel Tata and philanthropist and chairman of the board of trustees of Poona’s Jehangir Hospital Sir Cowasji Jehangir have been appointed as trustees of the Sir Ratan Tata Trust (SRTT). The Tata Trusts (TT) comprise the SRTT and Allied Trusts, and the Sir Dorabji Tata Trust (SDTT) and Allied Trusts.
Noshir Soonawala, a close confidant of Tata Trusts chairman Ratan Tata, who serves on the board of trustees of both SRTT and SDTT, was reportedly keen that the century-old tradition of having a Tata on the board of trustees be upheld, The Economic Times of January 8, 2019 had stated.
Bombay House; (r) Noel Tata and (far right) Sir Cowasji Jehangir
Managing trustee of the TT R. Venkataramanan has sought to be relieved from the position, given that he was completing five years as the executive trustee/managing trustee, noted a press release dated February 13, 2019 on the website of TT. He will relinquish responsibility on March 31. A committee comprising chairman of the TT, Ratan Tata, and vice chairmen Vijay Singh and Venu Srinivasan will oversee operations and select a chief executive for the Trusts.
Noel had backed half-brother Ratan in his battle against former Tata Group chairman Cyrus Mistry who is Noel’s brother-in-law. The appointment of 62-year-old Noel comes at a time when the Trusts are battling allegations of income tax (IT) violations. The Economic Times dated February 8 noted that in an order for the assessment year 2016-17 dated December 30, 2018, the IT department had ruled that the annual salary of Rs 2.66 crore drawn by Venkataramanan was not in accordance with the SDTT’s deed. The order withdrew the tax exemption status of SDTT on account of what it described as Venkataramanan’s "significant” compensation. The move is being challenged
The TT, which own 66% of the share capital of the Group’s holding company Tata Sons (TS), can nominate one-third of TS’s directors.
Spread over 17 states and 170 districts across India, the Trusts reach out to millions of households through an efficient network of 450 plus partner organizations, notes their website.