Vijay Singh to leave Sir Ratan Tata Trust After Term Expires in August

Mumbai: Vijay Singh, vice chairman of Tata Trusts, will step down as a trustee of the Sir Ratan Tata Trust (SRTT) on August 14, when his current term expires, marking the end of a long association at a time when the trusts are grappling with internal differences and regulatory scrutiny.

Singh, 78, told ET he had decided against seeking another term. "The changed atmosphere in the trusts after Ratan Tata's passing has been disquieting and raises doubts about the future," he said. "I do not wish to continue beyond my present age in SRTT and would not seek renewal in any other trust beyond the present tenure." Singh, however, will continue as a trustee of the Sir Dorabji Tata Trust for another year. His decision follows a series of developments that have exposed differences within the Tata Trusts, 66% owner of holding company Tata Sons.

In May, Singh and fellow vice chairman Venu Srinivasan stepped down from the Tata Education and Development Trust (TEDT) after trustee Mehli Mistry opposed their reappointments. Mistry had challenged the eligibility of Singh and Srinivasan to serve as trustees of the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, arguing that they did not meet the 1923 trust deed's requirements that trustees should be practising Parsi Zoroastrians and permanent residents of Mumbai.


People familiar with the matter said Singh was also unlikely to have secured unanimous support from fellow trustees for another term at SRTT following his earlier public remarks in favour of a potential listing of Tata Sons.

His exit comes at a time when the Sir Ratan Tata Trust has been unable to convene board meetings after the Maharashtra charity commissioner restrained it from holding meetings pending a decision on a complaint relating to the appointment of perpetual trustees and other related issues. The SRTT board comprises chairman Noel N Tata, Venu Srinivasan, Vijay Singh, Jimmy N Tata, Jehangir HC Jehangir and Darius Khambata.

The Sir Ratan Tata Trust and the Sir Dorabji Tata Trust together hold most of the Tata Trusts stake in Tata Sons. In May, the Trusts were scheduled to review their representation on the Tata Sons board, including the appointment of nominee directors, but those meetings were deferred amid ongoing legal proceedings.

The agenda was also expected to include discussions on public comments made by Singh and Srinivasan on the potential merits of listing Tata Sons. Their remarks were viewed as being at variance with the prevailing position within the Trusts, led by chairman Noel Tata, which continues to favour retaining Tata Sons as a privately held company. Singh was not reappointed to the Tata Sons board last year. People aware of the matter said the Trusts were seeking to ensure that their nominees on the Tata Sons board reflected the institution's position on key governance issues, including the company's ownership structure.