Business EconomyPosted at: Nov 14 2026 7:54PM


Srinivasan, Singh question Khambata's stand on listing Tata Sons, Chandra reappointment

Mumbai, Nov 14 (UNI) Dissident trustees Venu Srinivasan and Vijay Singh have questioned the positions taken by former trustee and Tata Trusts Chairman Noel Tata's supporter Darius Khambata, regarding the stock exchange listing of group holding company Tata Sons as well as the reappointment of N Chandrasekharan as Chairman of Tata Sons.
The letter dated November 11, which has been shared with media persons, was written amidst increasing differences within Tata Trusts, regarding the governance at Tata Sons. It is considered as an answer to an earlier letter written by former Tata Trusts trustee Darius Khambata, written on September 17, in which Khambata had expressed his displeasure about the divisions which played out at a Tata Sons board meeting.
In their letter, responding to Khambata's account of the developments at Tata Sons, both Srinivasan and Singh challenged Khambata's position on listing Tata Sons on the stock exchange, as well as the handling of Tata Sons chairman N Chandrasekaran's reappointment, besides changes in the composition of the Sir Dorabji Tata Trust (SDTT).
"A reasoned path to preserving the Tata model within the law would have been of real assistance. In its absence, we ask, with respect, whether the real concern is the preservation of the Tata model, or the preservation of control over Tata Sons by the present leadership of Tata Trusts," Srinivasan and Singh wrote in their letter to Khambata.
Srinivasan and Singh pointed out in their letter, that trustees of the Sir Dorabji Tata Trust (SDTT) and the Sir Ratan Tata Trust (SRTT) had unanimously recommended a five-year extension for Chandrasekharan on July 28, 2025, which was a resolution Khambata had supported.
Despite this, Chandrasekharan's reappointment as Chairman of Tata Sons was deferred in February 2026, without any subsequent resolution reversing the earlier recommendation. Tata Trusts chairman Noel Tata was the only nominee director to oppose the resolution in February, resulting in its deferral in the absence of unanimity, the two dissidents stated in their letter.
"A unanimous resolution of Trustees is not overtaken merely because honouring it later became difficult," Srinivasan and Singh wrote, questioning why the leadership issue at Tata Sons was allowed to remain uncertain for seven months.
In their letter, they also cited a July 10, 2025 communication in which Khambata had praised Chandrasekaran's performance and future plans, saying Ratan Tata would have been elated.
Srinivasan and Singh questioned in their letter, what had changed subsequently, besides from the composition of Tata Trusts.
The letter stated that the prolonged uncertainty prompted Chandrasekaran to decide against offering himself for reappointment as Chairman of Tata Sons, after which the Tata Sons nomination and remuneration committee unanimously urged him to reconsider.
Srinivasan and Singh defended the Tata Sons board's decision on September 17 as an attempt to resolve differences which originated within Tata Trusts.
The letter also raised questions about the fiduciary responsibilities of trustees, arguing that the charitable trusts' (Tata Trusts) tax-exempt status and public purpose required them to prioritise their charitable objects rather than control of a commercial enterprise.
Srinivasan and Singh also challenged Khambata's interpretation of the Supreme Court's judgment in the Rata Tata-Cyrus Mistry dispute, particularly his argument regarding the obligations of Trust-nominated directors on Tata Sons board.
They stated that the Supreme Court judgment upheld Tata Sons' Articles of Association and the legitimate exercise of powers by its board and majority, but had not extinguished directors' fiduciary obligations to the company or turned Trust nominees into delegates required to follow the Trusts' instructions regardless of the company's interests.
Both Srinivasan and Singh mentioned in their letter that requiring Tata Trusts nominees to vote mechanically according to the position taken by Tata Trusts would undermine independent judgment of the Tata Sons board and the principle of corporate democracy.
The letter also recalled how a September 11, 2025 vote in which four trustees, including Darius Khambata, opposed renewing Vijay Singh's tenure as a Tata Trusts nominee director on the board of Tata Sons.
Khambata had described that decision as necessary to strengthen opposition against moves to list Tata Sons on the stock exchange as well as preserve the veto privilege enjoyed by Tata Trusts.
The letter by Srinivasan and Singh argued that this effectively made a Tata Sons board appointment dependent on securing a particular voting outcome, rather than assessing the merit of the Tata Trusts nominee director on the board of Tata Sons.
UNI BA SS
Tags: #Srinivasan# Singh question Khambata's stand on listing Tata Sons# Chandra reappointment
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