The Trusts said that after a detailed examination, the Charity Commissioner concluded that the sale was necessitated by statutory compulsions and transfer of shares was effected by proper documentation.
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Venkatesan R 5375
Tata Trust stands vindicated, it has said after Charity Commissioner of Maharashtra (CCM) cleared it of any wrongdoing in transfer of 833 shares of Tata Sons Private Ltd from the Navajbai Ratan Tata Trust (NRTT) to Naval Tata in 1989.
The CCM, on Wednesday, passed an order disposing off the complaint filed by NRTT trustee Vijay Singh seeking an independent inquiry into the transfer of shares
“The Tata Trusts stand vindicated in their assertion that the allegations relating to the transfer of shares were baseless, unsubstantiated and malafide. These were undertaken as part of a wilful, malicious and orchestrated campaign which had, as its sole aim, the objective of discrediting the Tata Trusts — an institution which has, for more than 130 years, served the country and consistently held itself to the highest standards of public trust, accountability and ethical conduct,“ Tata Trust said in a press statement.
The Trusts said that after a detailed examination of issues, CCM concluded that sale was necessitated by statutory compulsions and transfer of shares was effected by proper documentation.
“On the basis of valuation agreed upon by the Commissioner of Wealth Tax, appropriate consideration was paid to the Trust, which also earned a profit on the transaction. This profit was duly reflected in the balance sheet of the Trust as on March 31, 1989. The shares were transferred with the condition that they won’t be sold to any third party but would always remain in the family of the recipient, and the transfer was made in full compliance with the provisions of the law then in force,” Tata Trusts said referring to CCM order.
The CCM also questioned Singh’s conduct as trustee expressing surprise that he had participated in its board meeting on June 8 that decided to represent NRTT case before the charity commissioner, and immediately two days later filed a complaint seeking an independent inquiry.
Singh’s complaint followed a legal notice received by him from advocate Katyayani Agrawal which said share transfer was illegal and resulted in alienation of public charitable assets into private hands.
Published on September 3, 2026
