Mumbai, The Sir Ratan Tata Trust (SRTT) is in “non-compliance” of an amended law in Maharashtra limiting the number of life trustees on a body, and should take urgent corrective steps, a legal opinion has said.
The number of life trustees should come down to one from the present three, as per the opinion given by former Supreme Court Judge Justice Krishna Murari.
“It is evident that the present composition of the Board of Trustees of the Sir Ratan Tata Trust, comprising three life trustees out of a total of six, is not in conformity with the mandate of Section 30A(2) of the Maharashtra Public Trust Act, 1950,” the opinion, a copy of which has been reviewed by PTI, said.
The opinion assumes significance as a lawyer has filed a petition with the Maharashtra Charities Commissioner alleging violations by the SRTT with regard to appointment of lifetime trustees.
At present, there are six trustees on the SRTT of which three are lifetime ones. The lifetime trustees are late Ratan Tata’s brother Jimmy N Tata, Tata Trusts chairman Noel Tata and Jehangir HC. Among them, Jimmy Tata has been the longest serving having been appointed in 1989.
In his opinion, Justice Murari said two of the trustees can seek reappointment after stepping down.
“The concept of life trusteeship, as presently existing within the Trust, does not originate in the foundational instrument, but is the result of subsequent internal practice or administrative determination,” he added.
