Tata Trusts was established in 1919, but the activities took off in a big way when Sir Dorabji Tata set up a trust in 1932
At a time when Tata Trusts is caught in a legal tangle over the cancellation of registration of six trusts, it’s set to get a chief executive officer (CEO). After a search process stretching over more than eight months, an old-timer from the group, N Srinath, managing director, Tata Teleservices, has emerged a frontrunner for the CEO’s post, according to sources in the know. Tata Trusts does not have any comment to make, a spokesperson told Business Standard on the matter.
In February, R Venkataramanan (popularly known as Venkat) had stepped down as managing trustee of Tata Trusts, which owns 66 per cent in the salt-to-software group’s holding company Tata Sons. The new CEO, likely to be appointed soon, would possibly have similar powers as Venkat, but he won’t be designated managing trustee.
A search committee, headed by the group’s chairman emeritus Ratan Tata, has over the last many months interviewed several internal employees as well as professionals from elsewhere to select a CEO. A final call on the selection of the CEO is expected to be taken by the committee before the year ends. Venkat’s resignation followed the Income-Tax Department’s scrutiny of his annual salary of Rs 2.66 crore, and the subsequent withdrawal of tax exemption given to Sir Dorabji Tata Trust, which is the largest among the clutch of trusts under Tata Trusts.
