Mehli Mistry Backs Srinivasan’s Return — But With Strings Attached

Trustee Mehli Mistry has given a conditional green light to the reappointment of Venu Srinivasan as trustee and vice-chairman of the Sir Dorabji Tata Trust (SDTT), ET reported.

Mistry reportedly emailed trustees late on Oct. 21, saying he would approve Srinivasan’s reappointment only so long as every subsequent renewal is carried out unanimously. If a single trustee votes against a renewal, Mistry’s approval for Srinivasan (and, by implication, for other non-unanimous reappointments) would be withheld.

In the note he warned that if any future trustee vote to renew is not unanimous, “I do not provide my formal approval for the reappointment of Venu Srinivasan.” The report says the stipulation effectively pre-empts any attempt to block Mistry’s own extension.

Context & Background

Trustees resolved earlier this year that, on unanimous renewal, incumbents would become trustees for life, a change made following the passing of Ratan Tata.

Trusts reportedly say the deed and procedures do not explicitly allow a single trustee to impose such a post-vote condition or to unilaterally nullify a resolution once passed unanimously. Unanimity may be difficult to secure on future renewals, making the condition potentially unstable or legally contestable.

The move comes against a backdrop of visible friction among trustees following the contentious Sept. 11 meeting that saw the removal of Vijay Singh as a nominee director on the Tata Sons board. This episode prompted senior Indian ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, to urge trustees and Tata Sons chairman N Chandrasekaran to steady the group’s governance.

SDTT and the Sir Ratan Tata Trust together control about 51% of Tata Sons; the Mistry family holds roughly 18%.

SDTT Makeup

The SDTT board includes Noel Tata, Venu Srinivasan, Vijay Singh, Pramit Jhaveri, Mehli Mistry and Darius Khambata.

Srinivasan’s three-year term ended earlier this week and the circulated resolution seeks to renew his trusteeship. Because trusteeship renewal can confer lifetime tenure when approved unanimously, the outcome has material implications for the long-term composition of the Trusts that control the conglomerate.

The condition raises questions about how key leadership and oversight roles will be renewed at the philanthropic trusts that effectively control Tata Sons, India’s largest private conglomerate. Any erosion of collective decision-making, or a protracted internal fight over renewals, could rattle investor and government confidence given the Trusts’ holdings across strategic sectors.