Noel, three SDTT trustees slam Venu, Vijay over listing ‘epiphanies’, accuse them of breaching fiduciary duties

In a sharply worded letter sent to Singh and Srinivasan on Monday, the four trustees termed their recent support for a publicly listed Tata Sons an "epiphany", after they signed off on the opposite in the past. The letter, which bares the deep rift at the heart of Tata Trusts, also signals the balance of power in SDTT, with four trustees ranged against two. SDTT is the largest shareholder of Tata Sons, owning 27.98% in the holding company of India's largest conglomerate.

"The position that Tata Sons should remain an unlisted company has been the settled position of the Trusts, and of Tata Sons itself, for years," the five-page letter said, according to an executive who has seen the letter. It also cited a Tata Sons board decision taken "under the guidance of the late Mr Ratan N. Tata" and Trust resolutions of 28 May and 28 July 2025, both passed "with the participation of both of you." According to the executive cited earlier, the letter was signed by Noel Tata, his son Neville Noel Tata, former Titan Co. CEO Bhaskar Bhat, and Mumbai-based lawyer Darius Khambata.