Tata Trusts calls 1989 share transfer allegations ‘baseless, malicious’ as regulator disposes complaint

Mumbai: The Tata Trusts on Thursday said they are in receipt of an order from the Maharashtra Charity Commissioner informing them about disposing of a complaint the regulator had received from Vijay Singh, Trustee, Navajbai Ratan Tata Trust (NRTT), which sought an inquiry into the transfer of 833 shares of Tata Sons Private Limited from NRTT to Naval H. Tata in 1989.

“...The Tata Trusts stand vindicated in their assertion that the allegations relating to the transfer of shares were baseless, unsubstantiated and malafide. These were undertaken as part of a wilful, malicious and orchestrated campaign which had, as its sole aim, the objective of discrediting the Tata Trusts — an institution which has, for more than 130 years, served the country and consistently held itself to the highest standards of public trust, accountability and ethical conduct,” the Trust said in a statement Thursday.

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The Charity Commissioner, according to the Trusts, examined the complaint, NRTT’s response and supporting documents before concluding that the sale was necessitated by statutory compulsions and that the transfer had been effected through proper documentation.

The Commissioner also found that the consideration paid to the Trust was based on a valuation agreed upon by the Commissioner of Wealth Tax. The Trust received appropriate consideration and earned a profit on the transaction, which was reflected in its balance sheet as of March 31, 1989, the release said.

The order further noted that the shares were transferred with a condition that they would not be sold to any third party but would remain within the family of the recipient. The Commissioner concluded that the transfer was made “in full compliance with the provisions of the law then in force.”

The Trusts said that on the basis of detailed findings contained in his order dated September 2, the Charity Commissioner has closed the complaint received from Singh.

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“...The Ld. Charity Commissioner observed that Mr. Vijay Singh not making his email available to the Trust, as pointed out by NRTT in their response, indicates an intention on his part to suppress this from the other Trustees and the Trust as a whole. This action on his part has resulted in damaging the reputation and goodwill of the Trust. In that sense, the conduct of Mr. Vijay Singh was unbecoming of a Trustee of NRTT,” the statement states.

“...The Ld. Charity Commissioner also expressed surprise that in the Board meeting dated 8th June, 2026 Mr. Vijay Singh was a party to the resolution that was passed to represent NRTT's case before the Charity Commissioner and immediately thereafter, on 10th June, he proceeded to file a complaint with the Charity Commissioner demanding an independent inquiry,” the statement added.