‘No Family Member Has Been Given Special Rights’: Ratan Tata Says Firm’s Future Head May Not be a Tata
The future head of Tata Trusts could be a non-Tata, the trust's current Chairman Ratan Tata said in a submission to the Supreme Court.
"I happen to be the current chairman of these trusts. It could be somebody else, not necessarily with the surname 'Tata', in the future. An individual’s life is finite, whereas these organisations will continue," he said, as quoted by The Economic Times.
The Tata family has no "vested right" to the position of chairman of the trust, Ratan Tata said.
In response to a plea filed by Cyrus Investments, Tata said the current chairman of Tata Sons (N Chandrasekaran) is also not from the family.
"That so far as the members of the Tata family (descendants/relatives of founders) are concerned, no special right or role has ever been stipulated or given to them in the company (Tata Sons), or its management, apart from the rights that they would have under law as a shareholder in the company," he said in the response.
Tata also stated that he and his relatives own less than 3 percent of Tata Sons.
Ratan Tata is working on a plan to institutionalise the management of Tata Trusts, The Economic Times reported.
"He (Tata) could seek to form a committee of high-ranking individuals from various fields, especially (with a background) in philanthropy and humanities," a source told publication.
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