New Delhi, April 4 Veteran industrialist Venu Srinivasan, a trustee of Tata Trusts, has resigned from the Bai Hirabai Jamsetji Tata Navsari Charitable Institution, according to sources.
Although he cited other business commitments for his resignation from one of the smaller trusts within Tata Trusts, the development followed a challenge from Mehli Mistry, a former trustee of Tata Trusts.
Comments from Srinivasan and Tata Trusts could not be obtained immediately.
Mistry had challenged the appointments of Venu Srinivasan and Vijay Singh to the board of Bai Hirabai Jamsetji Tata Navsari Charitable Institution in a complaint to the Maharashtra Charity Commissioner.
He claimed that Srinivasan and Singh do not meet the criteria outlined in the trust deed.
One of Mistry's main arguments was the specific conditions stipulated in the deed, including adherence to the Parsi Zoroastrian faith and residency requirements in Mumbai.
Last year, Tata Trusts was embroiled in infighting among its trustees. The matter reached the government, with top officials of the Tata group, including Noel Tata and Tata Sons Chairman N Chandrasekaran, meeting Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman.
Subsequently, the government instructed the trusts to resolve the issue amicably and to avoid public disputes, given the importance of the Tata Group to India's economy.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.