Tata Trust Row: Venu Srinivasan Exits Bai Hirabai Charitable Trust After Mehli Mistry Challenges Eligibility

Tata Trust Row: Venu Srinivasan, chairman emeritus of TVS Motor Company and vice chairman and trustee across several Tata Trust has reportedly resigned from Bai Hirabai Jamsetji Tata Navsari Charitable Institution. His exit has come days after former trustee Mehli Mistry raised objection about the eligibility of two members of the trust.

Venu Srinivasan stepped down from the position citing heavy business commitments, reported CNBC TV 18 citing sources. An official announcement regarding the same is awaited.

Venu Srinivasan Exits Bai Hirabai Trust

A prominent industrialist, Venu Srinivasan, was the driving force behind the growth of TVS Motor Company as the third largest two-wheeler manufacturer in India. He was brought on board by the late Ratan Tata. Bai Hirabai Charitable Trust is one of the allied, smaller trusts that comes under Tata Trusts. An official confirmation regarding his exit is awaited.

Tata Trusts Row: Mehli Mistry Challenges Appointment of Two Board Members

Venu Srinivasan's exit has come after Mehli Mistry raised objection before Maharashtra Charity Commissioner. Mistry has contested the appointments of both Srinivasan and fellow trustee Vijay Singh. He had claimed that they never satisfied the conditions laid out in the original Trust Deed and are therefore not valid trustees. As per ANI report, Mistry had argued that neither of the two were follower of Parsi Zoroastrian faith and do not hold permanent residence in Mumbai.

Mistry's objection-application refers to Clauses 6 and 18 of the Trust Deed. These clauses state that any trustee who does not meet the prescribed criteria should be treated as "deemed dead."

About Bai Hirabai Jamsetji Tata Navsari Charitable Institution

The Bai Hirabai Jamsetji Tata Navsari Charitable Institution was set up in 1923. Information on the Tata Trusts website describes the body as a philanthropic trust focused on supporting Parsi and community welfare in Navsari, Gujarat. Its work covers education and healthcare, and it shares a common Board of Trustees with the Sir Ratan Tata Trust.

"The Applicant/Objector is pained to bring to the notice of this Hon'ble Authority, that Applicants Nos. 3 and 4 amongst others, ex facie, never met the qualifications to become trustees and are expressly disqualified from acting as trustees. Any trustees who do not meet the qualifications are to be 'deemed to be dead' under Clauses 6 and 18 of the Trust Deed. Applicants Nos. 3 and 4 have never been and cannot be of Parsi Zoroastrian faith. Further, Applicants Nos. 3 and 4 do not have any permanent residence in Mumbai. Notably, the Trust Deed carves out a situation wherein if a person ceases to be of Zoroastrian faith, they cease to operate as if they are dead, thereby warranting a continuing investigation as to whether any trustee falls within the said category of being a Zoroastrian earlier, and having ceased to follow the Zoroastrian faith. The Applicant/Objector prays for this Hon'ble Authority to suo motu initiate a detailed inquiry to be conducted on the said matter, by calling for an affidavit by each Applicant", the objection-application reads.