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Tata Trusts Trustees Accuse Srinivasan, Singh Over Listing Dispute
Four trustees of the Sir Dorabji Tata Trust have criticized two other trustees, Venu Srinivasan and Vijay Singh.
They disagree about whether Tata Sons should stay private or become listed on the stock market.
The four say the Trusts had already agreed to keep Tata Sons private and that Srinivasan and Singh did not bring their changed views to meetings.
They also criticize the two for speaking publicly and filing complaints with the Maharashtra Charity Commissioner.
Srinivasan and Singh have objected that a proposal from the Trusts was made without consulting them.
The four trustees say they were responding to a request from the Tata Sons board to consider options following an RBI decision.
They say the RBI rejected an application but did not require Tata Sons to list.
They have asked Srinivasan and Singh to suggest another way to keep the company unlisted.
Noel Tata and three fellow Sir Dorabji Tata Trust trustees accused Venu Srinivasan and Vijay Singh of reversing their position on whether Tata Sons should remain unlisted.
The four trustees said earlier unanimous decisions, including resolutions on May 28 and July 28, 2025, supported keeping Tata Sons private.
They alleged Srinivasan and Singh did not raise their changed views at three SDTT meetings after April 2026 and criticized them for speaking to the media.
The trustees said Srinivasan and Singh filed complaints with the Maharashtra Charity Commissioner, including requests to restrict SDTT meetings and actions.
The trustees said the RBI rejected Tata Sons’ application to surrender its registration but did not order the company to list, and invited the two vice-chairmen to suggest an alternative.
- Who
- Noel Tata, Darius Khambata, Neville N Tata and Bhaskar Bhat criticized SDTT vice-chairmen Venu Srinivasan and Vijay Singh.
- What
- Four trustees sent a letter challenging the two vice-chairmen’s position and actions in the debate over whether Tata Sons should remain unlisted.
- Where
- The dispute concerns the Sir Dorabji Tata Trust and Tata Sons in India.
- When
- The letter was reported in October 2026; it refers to developments since April 2026 and Trust resolutions of May 28 and July 28, 2025.
- Why
- The trustees disagree over Tata Sons’ listing and over how the Trusts should deliberate and act on the issue.
Four trustees’ position
Srinivasan and Singh’s position
Tata Sons’ listing
Four trustees’ position
The four trustees say earlier resolutions remain in force and Tata Sons should stay unlisted while the Trusts seek another lawful option.
Srinivasan and Singh’s position
The articles report that Srinivasan and Singh now support listing, which they view as good for Tata Sons and minority shareholders.
Consultation and deliberation
Four trustees’ position
The four trustees say Srinivasan and Singh did not bring their changed views to SDTT meetings and criticize them for approaching the Charity Commissioner and media.
Srinivasan and Singh’s position
Srinivasan and Singh objected that the Trusts’ September 28 proposal was made without consulting them and have called for collective deliberation.
Trust authority and directors’ conduct
Four trustees’ position
The four trustees say the Trusts were responding to a Tata Sons board request and must protect their principal asset; they also criticize Srinivasan’s actions as a director.
Srinivasan and Singh’s position
Srinivasan maintained that the Trust could not dictate how he exercised his judgment as a Tata Sons director.
Key facts
- Letter signatories
- Noel Tata, Darius Khambata, Neville N Tata and Bhaskar Bhat
- Trustees criticized
- Venu Srinivasan and Vijay Singh
- Earlier position
- The letter says the Trusts and Tata Sons had long maintained that Tata Sons should remain unlisted.
- Trust resolutions
- The letter cites unanimous SDTT and Sir Ratan Tata Trust resolutions on May 28 and July 28, 2025, supporting the unlisted status.
- Tata Sons board decision
- The board unanimously decided in March 2024 that Tata Sons should remain unlisted.
- RBI application
- Tata Sons applied to surrender its registration; the trustees say the RBI rejected the application but did not order listing.
- Charity Commissioner
- The articles report complaints by Srinivasan and Singh and a request for a response to Srinivasan’s complaint by October 12.
- Trustees’ request
- The four trustees invited Srinivasan and Singh to propose an alternative to listing.
Quotes
Noel Tata, Darius Khambata, Neville N Tata and Bhaskar Bhat
SDTT chairman and trustees who authored the letter to Srinivasan and Singh.
“An ‘epiphany’ appears to have struck each of you in April 2026, that listing was suddenly good for Tata Sons and for the minority shareholders, Sterling Investment Corp Pvt Ltd and Cyrus Investments Pvt Ltd and caused you to go straight to the media, rather than deliberate upon and discuss the matter with your co-trustees.”
thestatesman.com
“We obtained copies (of the complaint by Venu Srinivasan) from the office of the Charity Commissioner on October 1, 2026. So much for your professed preference for deliberation within the Trusts.”
thestatesman.com
Sources
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