Noel Tata inducted to Tata Trusts Board, speculated to succeed Ratan Tata
Noel Tata, Ratan Tata’s half brother has recently joined the Tata trust’s Board. The induction of Noel Tata into the Board has once again given new air to the speculations of him, succeeding the present Chairman of Tata Trusts,Ratan Tata. He is currently the Chairman of Trent and also MD of Tata Internationals.
Many members of the Parsi community want some family member to head the Tata Trusts after Ratan Tata, who is now 81 years old.
With Noel Tata’s entry in the trusts Board, all three Tata brothers are now on the Board. Jimmy Tata has been trustee for almost last thirty years. In recent times, many trustees have expressed for an increase in the representation of the Parsi community on the Trust’s Board. Noel’s entry in the Trusts board is at a time when the Indian Conglomerate is grappling with allegations of Income Tax violations by another trustee R Venkataramanan.
R Venkataramanan resignation from the post of managing trustee of Tata Trust comes after allegations of violation in Income Tax. Also, last year in march CBI initiated an inquiry against him and some other top executive in a bribery case.
As per the case, Venketaramanan, bribed government official to tweak the 5/20 rule in their favour so that AirAsia India (owned by Tata Group) can start its international operations. The aforementioned rule mandates the Airline to have at least 20 planes and 5 years of domestic experience to start international operations.
Jehangir H Jehangir, a fellow Parsi and philanthropist who spearheads Jahangir Hospital located in Pune, was also inducted on the Board.
By tejbhardwaj-The Indian Wire, February 14, 2019