Tata Trusts vice-chairmen Venu Srinivasan and Vijay Singh have issued a sharp rebuttal to claims made by former trustee Darius Khambata, accusing him of misrepresenting internal disputes and governance issues within the organisation. In a five-page letter dated November 11, 2026, the two vice-chairmen challenged Khambata’s narrative concerning the proposed listing of Tata Sons, the firm’s engagement with the Reserve Bank of India (RBI), and the reappointment of Tata Sons executive chairman N. Chandrasekaran.
Srinivasan and Singh alleged that Khambata’s account of the tensions between Tata Trusts chairman Noel Tata and a segment of the trustees was "incomplete in several material respects." They further claimed that Khambata had strategically worked to temporarily remove Srinivasan as a trustee of the Sir Dorabji Tata Trust (SDTT) to facilitate the induction of two new trustees in November 2025. They asserted that this process was not consensual.
Regarding the potential public listing of Tata Sons, the vice-chairmen rejected Khambata’s argument that an IPO would threaten the "Tata model" of governance. They pointed to other global organisations, such as Novo Nordisk and Hershey, as examples of listed entities that maintain strong charitable foundations. They argued that listing status does not compromise institutional character or long-term investment vision, stating that "disclosure and accountability bring discipline to how capital is allocated; they do not limit vision."
The letter also defended the company’s efforts to engage with the RBI. Srinivasan and Singh noted that Tata Sons began discussions with the regulator in 2023, which resulted in debt repayment and an application for deregistration in March 2024. They argued that the RBI’s eventual decision to keep Tata Sons under the listing framework for upper-layer non-banking financial companies was a regulatory judgment and not a failure of advocacy.
Finally, the vice-chairmen questioned why Khambata had not raised objections when a unanimous resolution to reappoint Chandrasekaran was passed in July 2025. Khambata, a senior advocate, did not seek reappointment as a trustee when his term ended on November 8, 2026.
Key facts
- The letter from Srinivasan and Singh is dated November 11, 2026.
- Tata Trusts collectively hold approximately 66% of Tata Sons.
- Tata Sons applied for deregistration with the RBI in March 2024.
- Darius Khambata’s term as a trustee concluded on November 8, 2026.
- The Sir Dorabji Tata Trust inducted two new trustees on November 11, 2025.
Why it matters
The exchange highlights deep divisions within the leadership of the Tata Trusts. The dispute centres on the balance of power between the Trusts, which control the $277 billion conglomerate, and the board of Tata Sons. While the Trusts' current leadership, including Noel Tata and Khambata, has opposed listing the company, others argue that regulatory compliance and accountability are essential for the group's future.
Background
Tata Sons acts as the primary holding company for the Tata Group. The central debate involves whether the company should remain privately held to preserve its unique governance structure or undergo an IPO, which would effectively end the Trusts' superior voting rights on the company's board.
Source: Times of India, The Hindu
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