Tata Trusts Rejects 1989 Share Transfer Allegations, Announces Legal Action Against Claims Targeting Tata Family
· Free Press Journal
Mumbai: Tata Trusts on Friday strongly denied allegations surrounding a 1989 share transfer by the Navajbai Ratan Tata Trust to the late Naval H. Tata. The philanthropic institution described the claims as false, malicious and an attempt to damage the reputation of both Tata Trusts and the Tata family.
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In an official statement, the Trusts said the share transfer was carried out legally and followed all rules and procedures that were applicable at the time.
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According to Tata Trusts, the transaction was completed after obtaining all necessary approvals and was conducted for proper consideration.
The Trusts stated that the transfer was reviewed and cleared by senior authorities, including renowned jurist and former Tata Sons director Nani A. Palkhivala. It was also approved by the then board of Tata Sons.
Further, the Trusts said the transfer was executed through a valid transfer form that was duly stamped by the Registrar of Companies, making the process fully compliant with the legal framework in place in 1989.
Legal Action Planned Against Allegations
Tata Trusts said it would pursue appropriate legal remedies to protect its reputation and goodwill.
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The statement stressed that Tata Trusts has always maintained high standards of accountability, ethical conduct and public trust.
Claims Also Affect Tata Family Members
The Trusts said the allegations unfairly cast doubts on members of the Tata family, including late Naval H. Tata and his sons — late Ratan N. Tata, Jimmy Tata and Noel N. Tata.
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Tata Trusts also criticised petitioner Suresh Tulsiram Patilkhede, describing him as a “serial litigator” who has filed multiple cases against the Trusts in the past.
The organisation referred to observations made by the Bombay High Court in a recent case, where concerns were raised about the manner in which representations were submitted before the petitioner eventually withdrew the petition.
Tata Trusts reiterated that the allegations have no factual basis and vowed to defend its reputation through legal channels.
(With IANS Inputs)