Darius Khambata declines reappointment as trustee of Tata Trusts

FE has reviewed a copy of the letter. Khambhata joined the boards of the two key Tata trusts in November 2023. This is his second stint as a trustee on SRTT and SDTT. Khambata said he had accepted the two trustee positions at the invitation of the late Ratan Tata and bore no ill will towards fellow trustees. While acknowledging that Noel Tata and Sharma had expressed a wish for him to continue, he said his positions had at times differed from those of other trustees, including Noel.

Yet in law even a Trustee’s reappointment requires the agreement of all other Trustees. That is a consent that it is not in my character to seek as it would compromise my independence to do so,” he wrote. Khambata also reiterated his opposition to listing Tata Sons, arguing that it would threaten the relationship between the holding company and the charitable trusts. He said he had cautioned against a potential listing at a May 28, 2025, meeting, describing it as “existential” for the trusts, and had drafted the resolution passed unanimously on July 28, 2025, opposing the move.

However, he said opposition to listing must be accompanied by a proposal to provide liquidity to the Shapoorji Pallonji Group, which holds a stake in Tata Sons. He said he had consistently supported giving the group an exit through the sale of some or all of its shares. Khambata expressed disappointment with the engagement with the Reserve Bank of India, saying it had not meaningfully demonstrated how Tata Sons could adopt the transparency and reporting mechanisms of a listed company while remaining unlisted.

Commenting on recent developments, Khambata said events in August and September 2026 had overtaken earlier resolutions supporting a third term for N Chandrasekaran as Tata Sons chairman. He criticised Vijay Singh and Venu Srinivasan for publicly supporting a listing in April 2026, despite having been party to earlier unanimous resolutions opposing it. “In April 2026, contrary to unanimous resolutions they had been party to, Vijay and Venu suddenly told the media, though not their Co-trustees, that they favoured listing, disregarding the Trusts’ interests.

They have not shared their reasons for this volte-face with either,” he wrote. He said the decision was intended to secure stronger opposition to listing and had helped preserve the trusts’ veto through Noel Tata, adding that subsequent events had demonstrated its importance. Khambata said the events of September 17, 2026, had damaged Tata Sons’ reputation and imperilled the image of corporate India.

He also expressed sadness over the divide between Noel Tata and Chandrasekaran, urging the two to uphold the Tata Group’s founding values. “I leave it to the judgement of history as to whether those to whom Ratan Tata entrusted the Tata model have the statesmanship to rise above personal interest and to preserve, rather than diminish, the model,” he wrote.