Tata Trusts trustee Mehli Mistry has set a rare condition for the approval of Venu Srinivasan’s reappointment as trustee and vice chairman of Sir Dorabji Tata Trust, a report by the Economic Times said on October 23.
The move is seen as an indication that tensions continue to simmer at the charitable trust that holds majority stake at one of India’s biggest conglomerate Tata Sons, the report said.
In an email sent to all the trustees late on October 21, the condition for the approval asks for reciprocity, the newspaper said. This is significant because Mistry’s own membership is up for renewable on October 28, ET said.
Moreover, Mistry demanded all future renewals should be cleared unanimously and if this condition is not met then his approval would be withdrawn, ET said citing people aware of the development.
Following the death of Ratan Tata, the trustees had decided that they will become members for life upon renewal of their membership.
Mistry was a close associate of Ratan Tata and is considered influential in the group affairs. He also supported the ouster of Vijay Singh as a nominee director on the board of Tata Sons during a meeting of Tata Trusts members on September 11.
Tata Trusts owns 66 percent of Tata Sons, which is the holding company of Tata group companies.
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