Ahead of board meeting, Tata Trusts rejects claims over 1989 share deal
The trusts said the transfer to Naval H Tata was lawful, approved at appropriate levels and compliant with rules in force at the time
Mumbai, Jun 5 (PTI) Tata Trusts, the string of non-profits that own two-thirds of the salt-to-software conglomerate, on Friday denied any wrongdoing in a 1989 share transfer.
In a statement, TT refuted allegations made by a private person regarding the share transfer made by the Navajbai Ratan Tata Trust (NRTT) to the late Naval H Tata in the year 1989 as "baseless, unsubstantiated and malafide".
The statement came after reports of one Suresh Patilkhede approaching the Charity Commissioner's office with a request to initiate an inquiry pertaining to the transfer of 833 shares between the two parties.
As per reports, Patilkhede's move comes days ahead of a crucial board meeting of Tata Trusts on June 8.
"It is affirmed that the transaction was lawful, undertaken for consideration and fully compliant with the rules in force at that point in time," the TT statement said.
The share transfer was cleared at the appropriate levels, including by eminent lawyer Nani A Palkhivala, and approved by the then board of Tata Sons, TT said.
The transfer of shares was effected on a valid transfer form duly stamped by the Registrar of Companies, it added.
"The intention of such unfounded and malicious allegations appears to be to tarnish the reputation of the Tata Trusts as a whole, and SRTT, in particular. These allegations also seek to taint the Tata family, including the late Naval H Tata and his sons, the late Ratan N Tata, Jimmy Tata and Noel N Tata (who served as the chairman of TT)," it said.
Calling Patilkhede a "serial litigator", the TT statement said he has no proven locus standi in the matter.
He has filed cases against TT in 2020 as well, with an apparent objective of disrupting the philanthropic activities and functioning of the Tata Trusts, the statement added.
In a recent writ petition filed by him against SRTT (Sir Ratan Tata Trust), the Bombay High Court took strong objection to his conduct, TT claimed. PTI