- Mehli Mistry, ousted from Tata Trusts last week, announced he is stepping down as trustee of Tata Trusts
- Mistry, a cousin of the late Cyrus Mistry, announced the decision in a letter to Tata Trusts' trustees
- He said "precipitating matters would cause irreparable harm to the reputation of Tata Trusts"
Putting a "quietus on speculative news" about his role, businessman Mehli Mistry, a trustee of Tata Trusts whose term was not renewed last week, today made it official, saying he is "parting ways" with Tata Trusts.
Tata Trusts own 66% in Tata Sons, which in turn oversees 30 firms within one of India's most storied business groups - including companies such as Air India, Tata Steel and Jaguar Land Rover.
"I have been made aware of the recent reportage surrounding my trusteeship in the Tata Trusts...I believe this letter should assist in putting the quietus on speculative news reports that do not serve the interest of the Tata Trusts and are inimical to its vision," Mehli Mistry said in a letter addressed to the trustees.
The decision comes a day after reports stated that Mehli Mistry will challenge the Tata Trusts' decision not to extend his trusteeship before the Maharashtra Charity Commissioner.
A senior executive at M Pallonji Group which has business interests in logistics and shipping, Mistry was one of the trustees on the executive committee of Tata Trusts, whose charity work includes healthcare, education and rural support.
Mehli Mistry underlined that it was his "privilege to serve as a Trustee till October 28, 2025". He said it was an "honour bestowed upon me" by Ratan Tata.
"In discharging my duties towards the Tata Trusts, I have been guided by his vision of ethical governance, quiet philanthropy and utmost integrity," he said.
He said his commitment to Ratan Tata's vision includes a responsibility to ensure that the Tata Trusts are "not plunged into controversy" and that precipitating matters would cause irreparable harm to the reputation of the Tata Trusts.
"I believe that precipitating matter would cause irreparable harm to the reputation of the Tata Trusts. Therefore, in the spirit of Mr Ratan N Tata, who always put public interest before his own, I hope that the actions of the other trustees going forward will be guided by the principles of transparency, good governance, and public interest," he said.
"I part ways with a quote that Mr Ratan N Tata used to say to me 'Nobody is bigger than the institution it serves'," he said.
At Tata Trusts, two factions have disagreed on a host of issues - one led by its chair, Noel Tata, and the other by Mistry, sources have earlier said.
The infighting came to light in September when the trust voted against a person from Noel's camp being reappointed to the Tata Sons board.
A majority of board members at Tata Trusts, sources said earlier, decided to vote against Mehli Mistry's reappointment.
Mehli Mistry is a cousin of the late Cyrus Mistry, a former Tata Sons chairman who died in 2022. Their family firm Shapoorji Pallonji holds a stake of 18% in Tata Sons.
