Mehli Mistry faces exit from Tata Trusts as Noel Tata, 2 others oppose his reappointment: Reports

Tata Trusts

Mehli Mistry, a close associate of late Ratan Tata, could be on his way out of Tata Trusts board after chairman Noel Tata, vice chairman Venu Srinivasan and trustee Vijay Singh withheld their approval for his reappointment, reports said on October 28.

At least three trustees opposed the proposal to renew Mistry's term, making his continuation at the top Tata charitable bodies unlikely, a CNBC-TV18 reported cited sources as saying.

Moneycontrol couldn’t verify the report independently.

The vote underscores a rare divergence within Tata Trusts, which control a majority stake in Tata Sons.

Under the Trusts' governance framework, reappointment of a trustee requires unanimous approval from all members. A single dissenting view is enough to block the process, a clause that now appears to have come into effect.

Mehli Mistry became part of the Tata Trusts board in 2022 as part of a leadership overhaul aimed at reinforcing governance standards and aligning the Trusts more closely with the Tata Group's strategic and charitable goals.

A long-time confidant of Ratan Tata, his appointment reflected efforts to bring experienced voices into the organisation's top decision-making body.

Mistry's long association with the Shapoorji Pallonji (SP) family has also drawn attention over the years. Ties between the two business houses turned contentious after the 2016 removal of Cyrus Mistry, an SP family member, as chairman of Tata Sons - an episode that marked the beginning of a prolonged and closely watched corporate standoff.

Tata Trusts, the umbrella body overseeing several charitable trusts, including the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, holds a 66 per cent stake in Tata Sons – the holding company of the 156-year-old Tata Group, which comprises around 400 companies, including 30 listed entities.

(With inputs from PTI)