Vijay Singh, a prominent figure and Vice Chairman of Tata Trusts, has reportedly stepped down from his role as a trustee of the Sir Ratan Tata Trust (SRTT). This decision comes ahead of his term's conclusion on August 14, with Singh having informed the daily that he would not seek reappointment.
His exit marks the end of a long association with the trust and occurs amidst a period of notable internal discord. Singh's resignation follows a similar move by fellow Vice Chairman Venu Srinivasan, who departed from the Tata Education and Development Trust (TEDT) in May.
Controversy Over Trustee Qualifications
The reappointments of both Singh and Srinivasan had faced opposition from trustee Mehli Mistry. Mistry argued that they did not meet the specific requirements outlined in the 1923 trust deed, which stipulates that trustees must be practicing Parsi Zoroastrians and permanent residents of Mumbai. Sources indicate that Singh was unlikely to have secured unanimous support for his reappointment from the other trustees.
Impact on Sir Ratan Tata Trust Operations
The Sir Ratan Tata Trust has been grappling with operational challenges stemming from these internal issues. The Maharashtra Charity Commissioner has reportedly restrained the trust from holding important meetings, pending a decision on a complaint related to an alleged transfer issue of Navajbhai shares and the appointment of permanent trustees.
This restraint poses a significant risk to the trust's charitable disbursements, with approximately ₹400 crore in funds and crucial shareholder decisions currently at stake. While Singh has stepped down from the SRTT, he will continue to serve as a trustee of the Sir Dorabji Tata Trust for another year.