- The Tata Trusts received an order from the Maharashtra Charity Commissioner dated Sept. 2, closing a complaint related to a 1989 share transfer, according to a statement Thursday.
- The Commissioner concluded that the transaction was carried out in full compliance with the law applicable at the time, and closed the complaint filed by Singh.
- The Tata group said it received relief in a regulatory probe, potentially allowing the controlling shareholder of its holding company to resume business as usual as it seeks to pick a new chairman.
- The shares were transferred with a condition that they would not be sold to a third party but would remain within the recipient’s family.
- The Commissioner examined the complaint, NRTT’s response and supporting documents before concluding that the sale was necessitated by statutory requirements and completed with proper documentation.
- The order found that the consideration paid to NRTT was based on a valuation agreed upon by the Commissioner of Wealth Tax.
- The Trust received appropriate consideration and made a profit on the transaction, reflected in its balance sheet as of March 31, 1989.
- The Commissioner noted that Singh had not made his email available to NRTT, observed that his conduct had damaged the reputation and goodwill of the Trust, and expressed surprise that Singh had participated in an NRTT board meeting on June 8, 2026 before filing his own complaint on June 10.
- That complaint had triggered restrictions that prevented one of the Trusts from convening internal meetings.
- The Tata Trusts said the order vindicated its position that allegations concerning the share transfer were baseless and unsubstantiated, and described the allegations as part of a deliberate campaign to damage their reputation.
The Charity Commissioner has officially closed a complaint regarding a 1989 share transfer of Tata Sons to Naval Tata, affirming that the transaction adhered to legal standards. The decision, dated September 2, followed a complaint from Vijay Singh, a trustee of the NRTT, who sought an inquiry into the transfer.
The Commissioner reviewed the complaint alongside the NRTT’s response and supporting documents, concluding that the sale was necessary due to statutory requirements and was executed with proper documentation. The order indicated that the consideration paid to NRTT was based on a valuation agreed upon by the Commissioner of Wealth Tax.
The Trusts reported that they received appropriate consideration and made a profit on the transaction, which was reflected in their balance sheet as of March 31, 1989. The shares were transferred with a stipulation that they would not be sold to third parties but would remain within the recipient’s family.
The Charity Commissioner’s findings led to the closure of Singh’s complaint, which the Trusts described as part of a deliberate campaign to damage their reputation. The Commissioner noted that Singh’s actions had harmed the Trust’s goodwill and were unbecoming of an NRTT trustee. This ruling provides regulatory relief, allowing the Trusts to resume internal meetings and proceed with the search for a new chairman.
The Trusts expressed satisfaction with the ruling, stating it vindicated their position against the baseless allegations made by Singh.
“The order, dated September 2, found the transfer was necessitated by statutory requirements and completed with proper documentation, with consideration based on a valuation agreed by the Commissioner of Wealth Tax. The Trusts called the allegations baseless and part of a deliberate campaign to damage their reputation.”
