Venu Srinivasan, a trustee of the Sir Dorabji Tata Trust, sent a letter on September 17 to the Maharashtra Charity Commissioner seeking an inquiry into the governance of the trust.
The letter raises three main issues: the appointment of Noel Tata as perpetual trustee and his chairmanship of Tata Trusts; the exclusion of Srinivasan from the November 2025 appointment of Neville Tata as a trustee; and the trust’s involvement in commercial transactions affecting Tata Sons.
Srinivasan demanded that Noel Tata recuse himself from decisions that could impact Tata Sons, including nominating representatives for general meetings and voting on Article 121 matters on the board. He also called for a halt to any trust meetings or circular resolutions until the inquiry concludes.
Earlier this month, the SDTT circulated a resolution to restrain Srinivasan from voting on the proposed listing of Tata Sons, a move that he voted in favor of while Noel Tata was the sole dissenting voice. The dispute intensified when Noel Tata proposed liquidity for the SP Group, a move Srinivasan argued would blur the trust’s charitable boundaries.
The governance tussle has already rippled into the market, with Tata Sons shares reacting to the controversy and investors reassessing the company’s potential listing timeline and control structure. The board remains divided, and the Charity Commissioner’s response will be closely watched by market participants.
Going forward, Tata Trusts have requested a similar restraint on the SDTT, while the company’s board continues to deliberate on strategic options. Analysts will track the outcome of the inquiry and any regulatory actions that could shape Tata Sons’ valuation trajectory.