The continuation of Mehli Mistry, a trustee of Tata Trusts and a close confidant of Ratan Tata, will be decided later this month as his three-year term comes to an end. Mistry is seeking renomination, which, if approved by other trustees, would make him a life-long trustee of Tata Trusts, the largest shareholder of Tata Sons, the holding company of the Tata group. Meanwhile, Tata Trusts has unanimously reappointed Venu Srinivasan as a trustee for life, the Press Trust of India reported Tuesday, even as Tata Trusts did not officially respond to queries seeking a formal comment on the same.
While trustees Noel Tata, Venu Srinivasan and Vijay Singh were earlier reportedly opposed to Mistry’s continuation, Mistry enjoys the support of trustees Pramit Jhaveri, Darius Khambata, and Jehangir H.C. Jehangir. Though there is no indication of a formal rapprochement among the trustees, the reports of Srinivasan’s renomination being cleared as a life-long trustee of Tata Trusts could point to a deal of sorts. At the same time, trustees are learnt to be keen that the situation be carefully managed to prevent any escalation and to maintain consensus.
As per a resolution passed by Tata Trusts on October 17, 2024, any trustee whose tenure expires will be reappointed by the concerned trust without limitation on the period of such reappointment, subject to applicable laws. In effect, trustees are now eligible for life-long appointments. Noel Tata was elected Chairman of Tata Trusts on October 11, 2024, following the demise of Ratan Tata on October 9, 2024. At that time, Mistry had supported Noel Tata’s candidature for the chairmanship.
When asked about this stand on trusteeship, Mistry did not respond to emails and text messages from The Indian Express.
However, if a vote is called on Mistry’s continuation — which is unlikely to happen this time — the outcome could result in a tie, as Mistry would have to recuse himself from voting. During Ratan Tata’s tenure, voting was not an option with decisions traditionally reached through consensus and unanimity.
The latest flashpoint emerged a month ago when a bloc of four trustees, led by Mehli Mistry, opposed Vijay Singh’s reappointment as nominee director on the board of Tata Sons, the group’s principal holding company. The move triggered an unprecedented split (3–4) within the Tata Trusts — a rare and public sign of discord inside one of India’s most revered corporate institutions. Singh subsequently resigned from the Tata Sons board in the second week of September 2025.
Tata Trusts collectively hold 66 per cent of Tata Sons, making them the most powerful shareholder in the conglomerate. What began as subtle dissonance after Noel’s selection as Chairman, had hardened into two distinct factions, each claiming to uphold the “true spirit” of the Tata legacy.
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Both Noel Tata and Venu Srinivasan serve on the Tata Sons board. Reports suggest that the Mehli Mistry camp opposed three candidates proposed by Noel Tata for vacant board positions, while Mistry’s own nomination to the board was reportedly blocked by Noel Tata and Srinivasan. Mehli Mistry, director in the M Pallonji Group and first cousin of the late Cyrus Mistry, was also among the contenders for the Tata Trusts chairmanship after Ratan Tata. Mistry is also one of the executors of Ratan Tata’s will.
An earlier flashpoint was the listing of Tata Sons, which the Reserve Bank of India had mandated under its “upper-layer” non-banking financial company (NBFC) regulations. Tata Sons had sought deregistration as an NBFC to avoid mandatory listing, arguing that it is not engaged in lending activities. However, the Shapoorji Pallonji (SP) Group, which owns 18.37 per cent in Tata Sons, has been pushing for a listing to unlock value amid financial stress. The discord comes at a time when Tata group companies have collectively lost an estimated $90 billion in market value over the past year, reflecting investor unease about the ongoing infighting.
Analysts warn that prolonged discord could paralyse decision-making at the top, especially when unity is critical for the group’s next phase of growth. With 29 listed Tata companies together accounting for over $328 billion in market capitalisation, the stakes for corporate India are immense.
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