Tata Trusts Refute Allegations On NRTT Share Transfer

Tata Trusts has rejected allegations surrounding a share transfer executed by the Navajbai Ratan Tata Trust (NRTT) in 1989, calling the claims "baseless" and "malafide". Referring to a transaction in which shares were transferred to the late Naval H Tata, the Trusts said the move was lawful, backed by consideration and compliant with the regulatory framework in force at the time.

It added the transfer had been vetted at multiple levels, including by Nani A Palkhivala and approved by the then board of Tata Sons. The paperwork was duly stamped and processed through the registrar of companies, it said.

The Trusts indicated the allegations were attempts to question institutional credibility, mainly by people like Suresh Tulsiram Patilkhede, who it described as a "serial litigator".

The Trusts said Patilkhede had filed multiple cases in 2020 without locus, alleging a pattern of disruption targeting their operations. It cited a writ petition before the Bombay High Court where during the proceedings the court recorded "a rather shocking state of affairs" and raised concerns that the representations made were not directly attributable to the petitioner.

The court subsequently allowed the petition to be withdrawn. According to the Trusts, the allegations are not grounded in documentary evidence but instead use an "orchestrated campaign" designed to discredit both the institution and members of the Tata family, including the late Ratan N Tata.

The records speak for themselves and the transaction met all legal thresholds at the time it was executed, it said and warned of legal action. The Trusts said they would use all available remedies to protect their "goodwill and reputation".

Founded in 1892, Tata Trusts is one of India's oldest philanthropic institutions, with operations spanning healthcare, education, and livelihoods.