Tata insiders are closely tracking Mehli Mistry's next steps as he continues to hold some roles in Tata Group's wider philanthropic ecosystem. Despite his ouster from the trusts that hold a majority of the stakes in Tata Sons, Mistry still has board positions at Tata Education and Development Trust (TEDT), Tata Medical Centre in Kolkata and Mumbai's Breach Candy Hospital.
People close to the matter said if Mistry initiates any legal challenge to his removal from the two main trusts, he could risk losing his position at TEDT, which holds no stake in Tata Sons.
Mistry's reappointment to the two principal trusts, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, was not approved by a majority of trustees on October 28.
Mistry has approached the Charity Commissioner of Maharashtra with a preemptive caveat that he should be given a hearing before any changes are made to the roster of trustees.
TEDT is relatively new, having been set up about a decade back. It oversees an estimated ₹5,000-crore corpus and focuses on higher education, scholarships and capacity building. Noel Tata, Venu Srinivasan, Vijay Singh, Mehli Mistry and Jehangir Mistry are on its board. Unlike many other trusts in Tata's charitable universe, whose remit is limited to India, TEDT is empowered to fund charitable activities abroad.
At South Mumbai's elite Breach Candy Hospital, where Mistry has been a trustee since 2004, Tata Group has recently donated ₹500 crore from its corporate social responsibility funds.
The two main trusts' majority stake in Tata Sons, the conglomerate's holding company, makes them central to decision-making within the group. Mistry's removal marked a significant consolidation of control under Noel Tata, who assumed the chairmanship of Tata Trusts earlier this year.
Mistry's removal from the two major trusts has effectively curtailed his influence, said a senior official. "We will review terms as and when they come up. As of today, we are not concerned, since his influence stemmed from the two main trusts. Our job is done."
Mistry is the promoter of the M Pallonji Group of companies, with interests in industrial painting, shipping, dredging, car dealerships and others. Several Tata companies are associates or partners of his ventures.
People close to the matter said if Mistry initiates any legal challenge to his removal from the two main trusts, he could risk losing his position at TEDT, which holds no stake in Tata Sons.
Mistry's reappointment to the two principal trusts, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, was not approved by a majority of trustees on October 28.
Mistry has approached the Charity Commissioner of Maharashtra with a preemptive caveat that he should be given a hearing before any changes are made to the roster of trustees.
TEDT is relatively new, having been set up about a decade back. It oversees an estimated ₹5,000-crore corpus and focuses on higher education, scholarships and capacity building. Noel Tata, Venu Srinivasan, Vijay Singh, Mehli Mistry and Jehangir Mistry are on its board. Unlike many other trusts in Tata's charitable universe, whose remit is limited to India, TEDT is empowered to fund charitable activities abroad.
At South Mumbai's elite Breach Candy Hospital, where Mistry has been a trustee since 2004, Tata Group has recently donated ₹500 crore from its corporate social responsibility funds.
The two main trusts' majority stake in Tata Sons, the conglomerate's holding company, makes them central to decision-making within the group. Mistry's removal marked a significant consolidation of control under Noel Tata, who assumed the chairmanship of Tata Trusts earlier this year.
Mistry's removal from the two major trusts has effectively curtailed his influence, said a senior official. "We will review terms as and when they come up. As of today, we are not concerned, since his influence stemmed from the two main trusts. Our job is done."
Mistry is the promoter of the M Pallonji Group of companies, with interests in industrial painting, shipping, dredging, car dealerships and others. Several Tata companies are associates or partners of his ventures.
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